Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2019 | |
Cover [Abstract] | |
Amendment Flag | false |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Entity Central Index Key | 0000910631 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | COCA COLA FEMSA SAB DE CV |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Statements of Financial Position $ in Millions, $ in Millions | Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Dec. 31, 2018MXN ($) |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 1,531 | $ 30,230 | $ 23,727 |
Trade receivables, net | 555 | 10,960 | 14,847 |
Inventories | 489 | 9,657 | 10,051 |
Recoverable taxes | 396 | 7,822 | 6,038 |
Other current financial assets | 71 | 1,392 | 805 |
Other current assets | 99 | 1,947 | 2,022 |
Total current assets | 3,141 | 62,008 | 57,490 |
NON CURRENT ASSETS | |||
Investments in other entities | 536 | 10,587 | 10,518 |
Rights of use assets | 69 | 1,358 | 1,797 |
Property, plant and equipment, net | 3,009 | 59,405 | 61,942 |
Intangible assets, net | 5,697 | 112,464 | 116,804 |
Deferred tax assets | 485 | 9,569 | 8,438 |
Other non-current financial assets | 56 | 1,113 | 2,123 |
Other non-current assets | 314 | 6,196 | 6,472 |
Total non-current assets | 10,166 | 200,692 | 206,297 |
TOTAL ASSETS | 13,307 | 262,700 | 263,787 |
CURRENT LIABILITIES | |||
Bank loans and notes payable | 30 | 596 | 1,382 |
Current portion of non-current debt | 816 | 16,103 | 10,222 |
Current portion of lease liabilities | 24 | 471 | |
Interest payable | 50 | 993 | 497 |
Suppliers | 897 | 17,712 | 19,746 |
Accounts payable | 504 | 9,947 | 5,904 |
Taxes payable | 308 | 6,080 | 7,207 |
Other current financial liabilities | 222 | 4,385 | 566 |
Total current liabilities | 2,851 | 56,287 | 45,524 |
NON-CURRENT LIABILITIES | |||
Bank loans and notes payable | 3,030 | 59,821 | 70,201 |
Long-term lease liabilities | 46 | 913 | |
Post-employment and other non-current employee benefits | 141 | 2,784 | 2,652 |
Deferred tax liabilities | 148 | 2,923 | 2,856 |
Other non-current financial liabilities | 73 | 1,443 | 1,376 |
Provisions and other non-current liabilities | 448 | 8,828 | 9,428 |
Total non-current liabilities | 3,886 | 76,712 | 86,513 |
TOTAL LIABILITIES | 6,737 | 132,999 | 132,037 |
EQUITY | |||
Common stock | 104 | 2,060 | 2,060 |
Additional paid-in capital | 2,308 | 45,560 | 45,560 |
Retained earnings | 3,745 | 73,928 | 71,270 |
Other equity instruments | (77) | (1,524) | (1,524) |
Acumulative other comprehensive income | 153 | 3,018 | 7,578 |
Equity attributable to equity holders of the parent | 6,233 | 123,042 | 124,944 |
Non-controlling interest in consolidated subsidiaries | 337 | 6,659 | 6,806 |
TOTAL EQUITY | 6,570 | 129,701 | 131,750 |
TOTAL LIABILITIES AND EQUITY | $ 13,307 | $ 262,700 | $ 263,787 |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Income Statements shares in Millions, $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2019MXN ($)$ / sharesshares | Sep. 30, 2018MXN ($)$ / sharesshares | |
Income Statement [Abstract] | |||
Net sales | $ 7,120 | $ 140,571 | $ 130,252 |
Other operating revenues | 98 | 1,933 | 325 |
Total revenues | 7,218 | 142,504 | 130,577 |
Cost of goods sold | 3,952 | 78,030 | 70,427 |
Gross profit | 3,266 | 64,474 | 60,150 |
Administrative expenses | 328 | 6,485 | 5,942 |
Selling expenses | 1,923 | 37,944 | 36,283 |
Other income | 64 | 1,261 | 407 |
Other expenses | 113 | 2,230 | 1,244 |
Interest expense | 265 | 5,235 | 5,461 |
Interest income | 46 | 907 | 702 |
Foreign exchange loss (gain), net | 8 | 166 | (52) |
Monetary position gain, net | (4) | (78) | (117) |
Market value loss on financial instruments | 8 | 150 | 246 |
Income before income taxes from continuing operations and share of profit in equity accounted investees | 735 | 14,510 | 12,252 |
Income taxes | 200 | 3,953 | 3,773 |
Share in the loss of equity accounted investees, net of tax | (5) | (95) | (161) |
Net income from continuing operations | 530 | 10,462 | 8,318 |
Net income from discontinued operations | 576 | ||
Consolidated Net income | 530 | 10,462 | 8,894 |
Attributable to: | |||
Controlling interest from continuing operations | 511 | 10,095 | 7,877 |
Controlling interest from discontinued operations | 324 | ||
Non-controlling interest from continuing operations | 19 | 367 | 441 |
Non-controlling interest from discontinued operations | 252 | ||
CONSOLIDATED NET INCOME | $ 530 | $ 10,462 | $ 8,894 |
Earnings per share- Equity holders of the parent (U.S. dollars and Mexican pesos): | |||
Basic earnings per share from continuing operations | (per share) | $ 0.03 | $ 0.60 | $ 0.47 |
Basic earnings per share from discontinued operations | $ / shares | 0.02 | ||
Diluted earnings per share from continuing operations | (per share) | $ 0.03 | $ 0.60 | 0.47 |
Diluted earnings per share from discontinued operations | $ / shares | $ 0.02 | ||
Shares | shares | 16,807 | 16,807 | 16,807 |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Sep. 30, 2018MXN ($) | |
Statement [LineItems] | |||
CONSOLIDATED NET INCOME | $ 530 | $ 10,462 | $ 8,894 |
Other comprehensive income, net of taxes: | |||
Valuation of the effective portion of derivative financial instruments, net of taxes | (24) | (474) | (416) |
Exchange differences on the translation of foreign operations and associates | (231) | (4,552) | (13,798) |
Other comprehensive (loss) to be reclassified to profit or loss in subsequent periods | (255) | (5,026) | (14,214) |
Items that will not to be reclassified to profit or loss in subsequent periods: | |||
Re-measurements of the net defined benefit liability, net of taxes | (2) | (48) | 168 |
Other comprehensive (loss) income not being reclassified to profit or loss in subsequent periods | (2) | (48) | 168 |
Total other comprehensive (loss), net of tax | (257) | (5,074) | (14,046) |
Consolidated comprehensive income (loss), net of tax | 273 | 5,388 | (5,152) |
Attributable to: | |||
Equity holders of the parent | 5,535 | ||
Non-controlling interest | (147) | ||
Consolidated comprehensive income (loss), net of tax | 273 | 5,388 | (5,152) |
Continuing operation [member] | |||
Attributable to: | |||
Equity holders of the parent | 280 | 5,535 | (1,502) |
Non-controlling interest | $ (7) | $ (147) | (1,211) |
Discontinued operations [member] | |||
Attributable to: | |||
Equity holders of the parent | (1,450) | ||
Non-controlling interest | $ (989) |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Statements of Changes in Equity $ in Millions, $ in Millions | USD ($) | MXN ($) | Capital stock [member]MXN ($) | Additional paid-in capital [member]MXN ($) | Retained earnings [member]MXN ($) | Other equity instruments [member]MXN ($) | Valuation of the Effective Portion of Derivative Financial Instruments [member]MXN ($) | Exchange Differences on Translation of Operations and Associates [member]MXN ($) | Remeasurements of the Net Defined Benefit Liability [member]MXN ($) | Equity attributable to equity holders of the parent [member]MXN ($) | Non-Controlling interest [member]MXN ($) |
Beginning Balance (After adoption [member]) at Dec. 31, 2017 | $ 143,309 | $ 2,060 | $ 45,560 | $ 64,397 | $ (485) | $ 247 | $ 13,968 | $ (567) | $ 125,180 | $ 18,129 | |
Statement [LineItems] | |||||||||||
Consolidated net income | 8,894 | 8,201 | 8,201 | 693 | |||||||
Other comprehensive income (loss), net of tax | (14,046) | (410) | (10,878) | 135 | (11,153) | (2,893) | |||||
Total comprehensive income (loss) | (5,152) | 8,201 | (410) | (10,878) | 135 | (2,952) | (2,200) | ||||
Dividends declared | (7,038) | (7,038) | (7,038) | ||||||||
Ending Balance at Sep. 30, 2018 | 131,119 | 2,060 | 45,560 | 65,560 | (485) | (163) | 3,090 | (432) | 115,190 | 15,929 | |
Beginning Balance at Dec. 31, 2018 | 131,750 | 2,060 | 45,560 | 71,270 | (1,524) | (149) | 8,071 | (344) | 124,944 | 6,806 | |
Statement [LineItems] | |||||||||||
Consolidated net income | $ 530 | 10,462 | 10,095 | 10,095 | 367 | ||||||
Other comprehensive income (loss), net of tax | (257) | (5,074) | (472) | (4,040) | (48) | (4,560) | (514) | ||||
Total comprehensive income (loss) | 273 | 5,388 | 10,095 | (472) | (4,040) | (48) | 5,535 | (147) | |||
Dividends declared | (7,437) | (7,437) | (7,437) | ||||||||
Ending Balance at Sep. 30, 2019 | $ 6,570 | $ 129,701 | $ 2,060 | $ 45,560 | $ 73,928 | $ (1,524) | $ (621) | $ 4,031 | $ (392) | $ 123,042 | $ 6,659 |
Unaudited Interim Condensed C_5
Unaudited Interim Condensed Consolidated Statements of Cash Flows $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Sep. 30, 2018MXN ($) | |
OPERATING ACTIVITIES | |||
Income before income taxes from continuing operations | $ 730 | $ 14,415 | $ 12,091 |
Adjustments for: | |||
Non-cash operating (income) expenses | (105) | (2,064) | 262 |
Depreciation | 320 | 6,311 | 6,178 |
Amortization | 63 | 1,244 | 1,156 |
Gain on disposal of long-lived assets | (2) | (39) | (63) |
Write-off of long-lived assets | 10 | 198 | 82 |
Share of the loss of equity method, net of taxes | 5 | 95 | 161 |
Interest income | (46) | (907) | (702) |
Interest expense | 265 | 5,235 | 5,461 |
Foreign exchange loss (income), net | 8 | 166 | (52) |
Non-cash movements in post-employment and other non-current employee benefits obligations | 6 | 125 | 157 |
Monetary position, gain, net | (4) | (78) | (117) |
Market value loss on financial instruments | 8 | 150 | 246 |
Accounts receivable and other current assets | 138 | 2,715 | 2,271 |
Other current financial assets | (15) | (295) | (215) |
Inventories | (9) | (175) | (1,605) |
Suppliers and other accounts payable | 148 | 2,926 | (768) |
Other liabilities | (6) | (120) | 165 |
Employee benefits paid | (19) | (370) | (21) |
Income taxes paid | (210) | (4,149) | (6,063) |
Net cash flows generated from operating activities continuing operations | 1,285 | 25,383 | 18,624 |
Income before income taxes for discontinued operations | 1,042 | ||
Net cash flows generated from operating activities for discontinued operations | (112) | ||
INVESTING ACTIVITIES | |||
Acquisition and mergers, net of cash acquired | (5,692) | ||
Interest received | 46 | 908 | 703 |
Acquisitions of long-lived assets | (337) | (6,657) | (6,056) |
Proceeds from the sale of long-lived assets | 14 | 269 | 190 |
Acquisition of intangible assets | (13) | (252) | (1,007) |
Other non-current assets | 2 | 49 | (191) |
Dividends received from investments in associates and joint ventures | 1 | 1 | |
Investment in financial assets | (16) | (320) | (203) |
Net cash flows (used in) investing activities from continuing operations | (304) | (6,002) | (12,255) |
Net cash flows (used in) financing activities for discontinued operations | (397) | ||
FINANCING ACTIVITIES | |||
Proceeds from borrowings | 551 | 10,871 | 12,966 |
Repayment of borrowings | (795) | (15,687) | (4,311) |
Interest paid | (151) | (2,987) | (3,012) |
Dividends paid | (189) | (3,722) | (3,529) |
Interest paid on leases | (5) | (99) | |
Payments of leases | (17) | (343) | |
Other financing activities | (27) | (531) | (1,695) |
Net cash flows (used in) generated by financing activities for continuing operations | (633) | (12,498) | 419 |
Net cash flows (used in) financing activities for discontinued operations | (138) | ||
Net increase in cash and cash equivalents from continuing operations | 348 | 6,883 | 6,788 |
Net increase in cash and cash equivalents from discontinued operations | 395 | ||
Cash and cash equivalents at the beginning of the period | 1,202 | 23,727 | 18,767 |
Effects of exchange rate changes and inflation effects on cash and cash equivalents held in foreign currencies | (19) | (380) | (1,558) |
Cash and cash equivalents at the end of the period discontinued operations | (5,917) | ||
Cash and cash equivalents at the end of the period | $ 1,531 | $ 30,230 | $ 18,475 |
Activities of the Company
Activities of the Company | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Activities of the Company | Note 1. Activities of the Company Coca-Cola FEMSA, S.A.B. de C.V. (“Coca-Cola FEMSA”) is a Mexican corporation, mainly engaged in acquiring, holding and transferring all types of bonds, shares and marketable securities. Coca-Cola FEMSA is indirectly owned by Fomento Economico Mexicano, S.A.B. de C.V. (“FEMSA”), which holds 47.2% of its capital stock and 56% of its voting shares and The Coca-Cola Company (“TCCC”), which indirectly owns 27.8% of its capital stock and 32.9% of its voting shares. The remaining Coca-Cola FEMSA’s shares trade on the Bolsa Mexicana de Valores, S.A.B. de C.V. (BMV: KOF UBL) as series “L” shares which represents 15.6% of our common equity and its American Depositary Shares (“ADS”) (equivalent to ten series “L” shares) trade on the New York Stock Exchange, Inc (KOF) as series “B” which represents 9.4% of our common equity. The address of its registered office and principal place of business is Mario Pani No. 100 Col. Santa Fe Cuajimalpa, Delegacion Cuajimalpa de Morelos, Mexico City, 05348, Mexico. Coca-Cola FEMSA and its subsidiaries (the “Company”), as an economic unit, are engaged in the production, distribution and marketing of certain Coca-Cola trademark beverages in Mexico, Central America (Guatemala, Nicaragua, Costa Rica and Panama), Colombia, Brazil, Uruguay, Argentina and until November 2018 the Philippines. The most significant subsidiaries which the Company controls are discloed in Note 1 of our annual consolidated financial statements. |
Basis of Preparation
Basis of Preparation | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Basis of Preparation | Note 2. Basis of Preparation 2.1 Statement of compliance These condensed consolidated interim financial statements were prepared in accordance with International Accounting Standards — IAS 34 Interim Financial Reporting The accompanying condensed consolidated balance sheets as of September 30, 2019, as well as the condensed consolidated statements of income, comprehensive income (loss), cash flows and changes in equity for the nine-month periods ended September 30, 2019 and 2018, and their related disclosures included in these notes, are unaudited. This is the first set of the Company’s financial statements in which IFRS 16 has been applied. Changes to significant accounting policies are describe in Note 2.4.1. These interim condensed consolidated financial statements were authorized for issuance by the Company’s Chief Executive Officer Constantino Spas Motesinos on December 6, 2019 base d on 7 2.2 Basis of measurement and presentation The consolidated financial statements have been prepared on historical cost basis, except for the following: • Derivative financial instruments. • Long-term notes payable on which fair value hedge accounting is applied. • Trust assets of post-employment and other long-term employee benefit plans. The carrying values of assets and liabilities designated as hedged items in fair value hedges that would otherwise be carried at amortized cost are adjusted to record changes in the fair values attributable to the risks that are being hedged in effective hedge relationship. The financial statements of subsidiaries whose functional currency is the currency of a hyperinflationary economy are restated in terms of the measuring unit at the end of the reporting period. 2.2.1 Presentation of consolidated income statement The Company’s consolidated income statement classifies its related costs and expenses by function accordingly within the industry practices in which the Company operates. 2.2.2 Presentation of consolidated statements of cash flows The Company’s consolidated statement of cash flows is presented using the indirect method. 2.2.3 Convenience translation to U.S. dollars ($) The consolidated financial statements are stated in millions of Mexican pesos (“Ps.”) and rounded to the nearest million unless stated otherwise. However, solely for the convenience of the readers, the consolidated statement of financial position, as of September 30, 2019 the consolidated income statement, the consolidated statement of comprehensive income and consolidated statement of cash flows for the nine-month period ended September 30, 2019 were converted into U.S. dollars at the As of December 17 19.0660 presenting a appreciation of 3.42% since September 30, 2019. 2.3 Critical accounting judgments and estimates For the application of the Company’s accounting policies, as described in Note 3, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if it affects only such period or in the current or subsequent periods of the revision if this affects both. In the process of applying the Company’s accounting policies, management has made the following judgements with Critical accounting judgments and estimates applied to these condensed consolidated interim financial statement as of September 30, 2019 are the same as those mentioned in our last audited annual consolidated financial statements as of and for the year ended December 31, 2018, except for leases. Leases In preparing these consolidated financial statements, management has made judg e , estimates and assumptions that affect the application of the Company ’ accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Information on assumptions and estimates that have a significant risk of resulting in an adjustment to the carrying value of right-of-use • Determination of whether the Company is reasonably certain to exercise an option to extend a lease agreement or not to exercise an option to terminate a lease agreement before its termination date, considering all the facts and circumstances that create an economic incentive for the Company to exercise, or not, such options, taking into account whether the lease option is enforceable, when the Company has the unilateral right to apply the option in question. The Company excludes all lease contracts of: (i) a te r (ii) leases in w h USD 5,000 2.4 Application of recently issued accounting standards The Company has applied the following amendments to IFRS during 2019: 2.4.1 IFRS 16 Leases IFRS 16 supersedes International Accounting Standard (IAS) 17, Leases Determining whether an Arrangement contains a Lease Operating Leases-Incentives Evaluating the Substance of Transactions Involving the Legal Form of a Lease on-balance right-of-use . 2 Lessor accounting under IFRS 16 is substantially unchanged from IAS 17. Lessors will continue to classify leases as either operating or finance leases using similar principles as in IAS 17. Therefore, IFRS 16 did not have an impact for leases where the Company The Company applied the modified retrospective approach, under which, the cumulative effect of initial application is recognized in retained earnings as from January 1st, 2019. The main changes on leases accounting policy is disclosed below. • Definition of a lease Previously, the Company had determined at each contract inception whether an arrangement is or contains a lease under “IAS 17 – Leases” and “IFRIC 4 – Determining whether an arrangement contains a lease”. Under IFRS 16, the Company assesses whether a contract is or contains a lease based on the definition of a lease, as explained in Note 3 . 2. The Company elected to apply the transition practical expedient known as “Grandfather” which allows at the date of initial application to consider as a lease only those contracts previously identified as such in accordance with IAS 17 and IFRIC 4. Therefore, the definition of a lease under IFRS 16 applies only to those contracts entered into or modified on or after January 1st, 2019. The Company excludes all those leases contracts with: (i) remaining lease term of less than twelve month and, (ii) those leases with an underlying low value assets with absolute terms, considering at maximum amount that equals to $5,000 or its equivalent in other currencies. • Accounting as a lessee As a lessee, the Company previously classified leases as either operating or finance leases based on its assessment of whether substantially all the rights and risk incidental to ownership of an asset are transferred from the lessor to the lessee. Under IFRS 16, the Company recognizes a right-of-use At transition date, the Company recognized a lease liability measured at the present value of the remaining lease payments during the non-cancellable Right-of-use The following practical expedients permitted by IFRS 16 were applied to lease contracts previously accounted for as operating leases under IAS 17 at the transition date only: • A single discount rate to a portfolio of leases with similar characteristics. • Not to recognize right-of-use low-value • Exclude initial direct costs from measuring the right-of-use • Use hindsight information when determining the lease term if the contract contains options to extend or terminate the lease. Measuring lease liabilities for leases that were classified as operating leases, the following is a reconciliation to discounted the operating lease commitments as of December 31, 2018 to the lease liability recognized upon adoption of IFRS 16: As of January 1, Operating lease commitments as of December 31, 2018 Ps. 2,455 Discounted operating lease commitments 1,976 Less: Commitments relating to short-term leases and low-value (179 ) Add: Commitments relating to leases previously classified as finance leases — Lease liabilities at the beginning of the period Ps. 1,797 As of the date of the adoption , . 2.4.2 IFRIC 23 Uncertainty over income tax treatments The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 and does not apply to taxes or levies outside the scope of IAS 12, nor does specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The Interpretation specifically addresses the following: a) Whether an entity considers uncertain tax treatments separately, b) The assumptions an entity makes about the examination of tax treatments by taxation authorities, c) How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, and: d) How an entity considers changes in facts and circumstances. An entity must determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty should be followed. The interpretation is effective for annual reporting periods beginning on or after January 1, 2019 and has been adopted in the preparing these Interim Condensed Consolidated Financial Statements. The Company applied i) Review of the Company’s policies through which tax treatments are revised and accounted, this includes evidence from business units delivered to external auditors. ii) Analysis of the tax memorandums prepared by the external tax advisor which support the Company’s tax treatment over an uncertain tax position about a) how tax earnings (losses) are calculated, b) tax basis or losses are applied, c) tax credits not applied, and d) how tax rates in different jurisdictions are considered. iii) Documentation of the tax correspondence received in the Company’s and subsidiaries business units in order to analyze any recent resolution adopted from the tax authority regarding tax positions, iv) Analysis of the tax position report of the Company on a monthly basis. The Company concluded that there were no significant impacts on the consolidated financial statements derived from the adoption of the IFRIC 23. However, IFRIC 23 provides requirements that add to the requirements in IAS 12 Income taxes by specifying how to reflect the effects of uncertainty in accounting for income taxes, which helped |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Significant Accounting Policies | Note 3. Significant Accounting Policies The accounting policies that were applied to these consolidated condensed interim financial statements as of and for the nine-month period The translation of assets and liabilities denominated in foreign currencies into Mexican pesos is for consolidation purposes and does not indicate that the Company could realize or settle the reported value of those assets and liabilities in Mexican pesos. Additionally, this does not indicate that the Company could return or distribute the reported Mexican peso value in equity to its shareholders. Exchange Rates of Local Currencies Translated to Mexican (1) Functional Average Exchange Rate as of Exchange Rate as of Country or Zone Recording Currency September 30, September 30, September 30, December 31, Mexico Mexican peso 1.00 1.00 1.00 1.00 Guatemala Quetzal 2.50 2.55 2.54 2.54 Costa Rica Colon 0.03 0.03 0.03 0.03 Panama U.S. dollar 19.25 19.04 19.64 19.68 Colombia Colombian peso 0.01 0.01 0.01 0.01 Nicaragua Cordoba 0.58 0.61 0.59 0.61 Argentina Argentine peso 0.44 0.80 0.34 0.52 Brazil Reais 4.96 5.32 4.72 5.08 Philippines Philippin peso NA 0.36 NA 0.37 Uruguay Uruguayan peso 0.56 0.63 0.53 0.61 (1) Exchange rates published by the Central Bank of each country where the Company operates. 3.1 Recognition of the effects of inflation in countries with hyperinflationary economic environments The Company recognizes the effects of inflation on the financial information of its subsidiaries that operates in hyperinflationary economic environments (when cumulative inflation of the three preceding years is approaching, or exceeds, 100% or more in addition to other qualitative factors). As of September 30, 2019 and December 31, 2018, the operations of the Company are classified as follows: Country Cumulative Inflation 2016-2019 Type of Economy Cumulative Inflation 2015-2018 Type of Economy Mexico 15.1 % Non-hyperinflationary 15.7 % Non-hyperinflationary Guatemala 10.3 % Non-hyperinflationary 12.2 % Non-hyperinflationary Costa Rica 6.0 % Non-hyperinflationary 5.7 % Non-hyperinflationary Panama 0.9 % Non-hyperinflationary 2.1 % Non-hyperinflationary Colombia 11.6 % Non-hyperinflationary 13.4 % Non-hyperinflationary Nicaragua 15.8 % Non-hyperinflationary 13.1 % Non-hyperinflationary Argentina 166.2 % Hyperinflationary 158.4 % Non-hyperinflationary Brazil 10.0 % Non-hyperinflationary 13.1 % Non-hyperinflationary Philippines NA Non-hyperinflationary 11.9 % Non-hyperinflationary Uruguay 23.9 % Non-hyperinflationary 25.3 % Non-hyperinflationary 3.2 Leases In accordance with IFRS 16, the Company evaluates whether a contract is, or contains a lease when the contract transfers the right to control the control of an identified asset during a period of time in exchange for a consideration. The Company evaluates whether a contract is a lease agreement when: • The contract involves the use of an identified asset—this can be specified explicitly or implicitly, and must be physically different or represent substantially the entire capacity of a physically different asset. If the lessor has substantive substitution rights, the asset is not identified; • The Company has the right to receive substantially all the economic benefits of the use of the asset throughout the period of use; • The Company has the right to direct the use of the asset when it has the right to make the most relevant decisions about how, and what is the purpose of the asset. When the use of the asset is predetermined, the Company has the right to direct the use of the asset if: i) it has the right to operate the asset; or ii) the default asset design determine for what purpose it will be use. Initial measurement On the start date of the lease, the Company recognizes a right-of-use-asset right-of-use right-of-use The lease liability is initially measured at the present value of future lease payments for the period remaining at the date of initial application. Such payments are discounted using the incremental rate of the Company, which is considered as the rate that the Company would have to pay for a similar period financing, and with a similar guarantee, to obtain an asset of similar value to the leased asset. For the Company, the discount rate used to measure the right-of-use Lease payments included in the measurement of the lease liability include the following: • Fixed payments, including payments that are substantially fixed; • Variable lease payments that depends of an index or a rate, initially measured using the index or the rate as of the lease beginning date; • The price related to a purchase option that the Company has reasonable exercising certainty, an option to extend the contractual agreement and penalties for early termination of the lease agreement, unless the Company has reasonable certainty of not exercising those options. • Amounts payable for residual value guarantees; • Payments for early cancellation, if this option is contemplated on the lease conditions. The Company does not recognize a right-of-use low-value Subsequent Measurement The right-of-use right-of-use right-of-use Lease liabilities are subsequently measured at amortized cost using the effective interest rate method. The Company re-measures • An option to extend or terminate the agreement is exercised by modifying the non-cancelable • The Company changes its assessment of whether it will exercise a purchase option. When the lease liability is measured again, an adjustment is made corresponding to the carrying amount of the asset by right of use, or is recorded in profit or loss if the carrying amount of the asset by right of use has been reduced to zero. A modification to the lease agreement is accounted for as a separate agreement if the following two conditions are met: i) The modification increases the scope of the lease by adding the right to use one or more underlying assets; and ii) The consideration of the lease is increased by an amount proportional to the independent price of the increase in scope and by any adjustment to that independent price to reflect the contract circumstances. In the consolidated statements of income and comprehensive income, the interest expense of the lease liability is presented as a component of the financial expense, unless they are directly attributable to qualified assets, in which case they are capitalized according to the Company financing cost accounting policy. The right-of-use Improvements in leased properties are recognized as part of property, plant and equipment in the consolidated statement of financial position and amortized using the straight-line method, for the shortest period between the useful life of the asset and the term of the related lease. |
Mergers, Acquisitions and Dispo
Mergers, Acquisitions and Disposals | 9 Months Ended |
Sep. 30, 2019 | |
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Mergers, Acquisitions and Disposals | Note 4. Mergers, Acquisitions and Disposals 4.1 Other mergers and acquisitions The Company has consummated certain mergers and acquisitions during the nine-month periods ended September 30, 2018; which were recorded using the acquisition method of accounting. The results of operations from these business combinations have been included in the condensed consolidated financial statements since the date on which the Company obtained control of the business, as disclosed below. Therefore, the condensed interim 9 and 2018 The Company finalized the allocation of the purchase price to the fair values of the identifiable assets acquired and liabilities assumed for acquisitions completed during the prior year, with no significant variations to the preliminary |
Discontinued operations
Discontinued operations | 9 Months Ended |
Sep. 30, 2019 | |
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Discontinued operations | Note 5. Discontinued operations On August 16, 2018, Coca - Cola FEMSA announced its decision to exercise the put option to sell its 51% of the Coca FEMSA , Inc. (CCFPI) to The Coca Consequently, beginning August 31, 2018, CCFPI had been classified as an asset held for sale and its operations as a discontinued operation in the financial statements for 2018. Previously CCFPI represented the Asia division and was |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2019 | |
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Cash and Cash Equivalents | Note 6. Cash and Cash Equivalents Includes cash on hand and in bank deposits and cash equivalents, which are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value, with a maturity date of three months or less at their acquisition date. Cash and cash equivalents at the end of the reporting period as shown in the condensed consolidated statements of financial position and cash flows is comprised of the following: September 30, December 31, Cash and bank balances Ps. 3,408 Ps. 7,778 Cash equivalents 26,822 15,949 Ps. 30,230 Ps. 23,727 |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net | 9 Months Ended |
Sep. 30, 2019 | |
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Trade Accounts Receivable, Net | Note 7. Trade Accounts Receivable, Net As of September 30, 2019 and December 31, 2018, Company’s trade accounts receivables, net are as follows: September 30, December 31, Trade receivables Ps. 7,780 Ps. 11,726 The Coca-Cola Company (related party) (Note 13) 721 1,173 Loans to employees 94 77 FEMSA and subsidiaries (related parties) (Note 13) 1,278 783 Other related parties (Note 13) 609 575 Other 1,317 1,108 Allowance for expected credit losses (839 ) (595 ) Ps. 10,960 Ps. 14 , |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2019 | |
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Inventories | Note 8. Inventories As of September 30, 2019 and December 31, 2018, Company’s inventories are Ps. 9,657 and Ps. 10,051, respectively. For the nine-month period ended September 30, 2019 and 2018, the Company recognized write-downs of its inventories for Ps. 219 and Ps. 90 respectively, to net realizable value. |
Other Current Assets and Other
Other Current Assets and Other Current Financial Assets | 9 Months Ended |
Sep. 30, 2019 | |
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Other Current Assets and Other Current Financial Assets | Note 9. Other Current Assets and Other Current Financial Assets As of September 30, 2019 and December 31, 2018, Company’s other current assets and other current financial assets totaled |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended |
Sep. 30, 2019 | |
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Property, Plant and Equipment, Net | Note 10. Property, Plant and Equipment, Net As of September 30, 2019 and December 31, 2018, Company’s property, plant and equipment, net are as follows: September 30, December 31, Land Ps. 5,272 Ps. 5,575 Buildings 14,112 14,361 Machinery and equipment 20,520 21,496 Refrigeration equipment 9,445 9,757 Returnable bottles 5,783 6,043 Investments in fixed assets in progress 3,584 4,131 Leasehold improvements 373 203 Others 316 376 Ps. 59,405 Ps. 61,942 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Presentation of leases for lessee [abstract] | |
Leases | Note 11. Leases For the nine-month period ended as of September 30, 2019, the change in the Company’s right-of-use Cost as of January 1, 2019 Ps. 1,797 Additions 54 Disposals (15 ) Depreciation (388 ) Effects of changes in foreign exchange rates (90 ) Ps. 1,358 As of September 30, 2019, Company’s lease liabilities, are as follows : September 30, Maturity analysis – Less than one year Ps. 471 One to three years 716 More than three years 197 Total lease liabilities at September 30, 2019 1,384 Current 471 Non-Current Ps. 913 The interest expense for leases reported in the income statements for the nine-month period ended September 30, 2019 was Ps. 99. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
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Intangible Assets | Note 12. Intangible Assets As of September 30, 2019, and December 31, 2018, Company’s intangible assets are as follows: September 30, December 31, Rights to produce and distribute Coca-Cola trademark products Ps. 82,364 Ps. 87,617 Goodwill 25,535 23,729 Other indefinite lived intangible assets 1,001 1,054 Technology cost and management systems 2,263 2,998 Systems in development 752 777 Others 549 629 Ps. 112,464 Ps. 116,804 For the nine-month period ended September 30, 2019 and 2018, allocation for amortization expense is as follows: September 30, September 30, Cost of goods sold Ps. 20 Ps. 23 Administrative expenses 588 509 Selling expenses 185 174 Ps. 793 Ps. 706 |
Balances and Transactions with
Balances and Transactions with Related Parties and Affiliated Companies | 9 Months Ended |
Sep. 30, 2019 | |
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Balances and Transactions with Related Parties and Affiliated Companies | Note 13. Balances and transactions with related parties and affiliated companies For the nine-month period ended September the company had of , mainly for purchase of coolers logistic and administrative n l f n l For the nine-month period ended September 30, 2018, the company had , mainly for purchase of coolers logistic and administrative |
Bank Loans and Notes Payables
Bank Loans and Notes Payables | 9 Months Ended |
Sep. 30, 2019 | |
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Bank Loans and Notes Payables | Note 14. Bank Loans and Notes Payable As of September 30, 2019, Company’s bank loans and notes payable are as follows: (In millions of 2020 2021 2022 2023 2024 2025 following years Carrying Value as September 2019 Fair Value as of September 2019 Carrying Short-term debt Argentine pesos Bank loans Ps. 136 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 136 Ps. 122 Ps. 157 Interest rate 63.50 % — — — — — 63.50 % — 36.75 % Uruguayan pesos Bank loans — — — — — — — — 771 Interest rate — — — — — — — — 9.96 % Subtotal 136 — — — — — 136 122 928 Variable rate debt: Colombian pesos Bank loans 426 — — — — — 426 425 454 Interest rate 4.68 % — — — — — 4.68 % — 5.58 % Argentine pesos Bank loans 34 — — — — — 34 33 — Interest rate 75.27 % — — — — — 75.27 % — — Subtotal 460 — — — — — 460 458 454 Short-term debt 596 — — — — — 596 580 1,382 Long-term debt: Fixed rate debt: U.S. Dollar Yankee bond 9,813 — — 17,537 — 11,791 39,141 43,644 39,204 Interest rate 4.63 % — — 3.88 % — 5.25 % 4.48 % — 4.48 % Brazilian reals Notes Payable (2) 4,641 — — — — — 4,641 4,641 4,653 Interest rate 0.38 % — — — — — 0.38 % — 0.38 % Bank loans 135 95 58 37 24 1 350 349 522 Interest rate 6.03 % 6.03 % 6.03 % 6.03 % 6.03 % 6.03 % 6.03 % — 5.95 % Mexican pesos Senior notes — 2,499 — 7,496 — 8,488 18,483 18,131 18,481 Interest rate — 8.27 % — 5.46 % — 7.87 % 6.95 % — 6.95 % Uruguayan pesos Bank loans 502 821 — — — — 1,323 1,323 573 Interest rate 10.15 % 9.42 % — — — — 9.70 % — 10.15 % U.S. Dollar Financial leasings 3 — — — — — 3 — 10 Interest rate 3.28 % 3.28 % 3.28 % Subtotal 15,094 3,415 58 25,070 24 20,280 63,941 68,088 63,443 Variable rate debt: Mexican pesos Senior notes — — 1,497 — — — 1,497 1,389 1,497 Interest rate — — 8.44 % — — — 8.44 % — 8.61 % Bank loans — — — — 338 9,062 9,400 9,400 10,100 Interest rate — — — — 8.85 % 8.66 % 8.67 % — 8.56 % U.S. Dollar Bank loans — — — — — — — — 4,025 Interest rate — — — — — — — — 3.34 % Colombian pesos Bank loans 794 — — — — — 794 794 848 Interest rate 5.55 % — — — — — 5.55 % — 5.67 % Brazilian reals Bank loans 215 71 6 — — — 292 292 505 Interest rate 8.64 % 8.64 % 8.64 % — — — 8.64 % — 9.53 % Notes Payable — — — — — — — — 5 Interest rate — — — — — — — — 0.40 % Subtotal 1,009 71 1,503 — 338 9,062 11,983 11,875 16,980 Long - 16,103 3,486 1,561 25,070 362 29,342 75,924 79,963 80,423 Current portion of long 16,103 — — — — — 16,103 — 10,222 Long-term debt — 3,486 1,561 25,070 362 29,342 59,821 79,963 70,201 (1) All interest rates shown in this table are weighted average contractual annual rates. (2) Promissory note denominated and payable in Brazilian reais; however, it is linked to the performance of the exchange rate between the Brazilian real and the U.S. dollar. As a result, the principal amount under the promissory note may be increased or reduced based on the depreciation or appreciation of the Brazilian real relative to the U.S. dollar. During 2019 Coca-Cola FEMSA celebrated bank loans Mexico for an amount of at an interest rate of 9.09% and 8.63%, and the proceed 1,471 For the nine-month period ended September 30, 2019 and 2018, the interest expense is comprised as follows: September 30, 2019 September 30, Interest on debts and borrowings Ps. 3,337 Ps. 3,389 Finance charges for employee benefits 150 142 Derivative instruments 1,499 1,710 Finance charges for leases 99 — Finance operating charges 150 220 Ps. 5,235 Ps. 5,461 |
Other Income and Expenses
Other Income and Expenses | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Other Income and Expenses | Note 15. Other Income and Expenses September 30, September 30, Other income Gain on sale of long-lived assets Ps. 269 Ps. 190 Cancellation of contingencies 84 116 Leases 6 — Foreign exchange gain related to operating activities 6 96 Tax actualization effect s 896 (1) — Other — 5 Ps. 1,261 Ps. 407 Other expens es Provisions for contingencies Ps. 627 Ps. 619 Loss on the retirement of long-lived assets 198 82 Loss on sale of long-lived assets 231 127 Severance payments 1,058 (2) 99 Donations 11 117 Leases 6 — Other 99 200 Ps. 2,230 Ps. 1,244 (1) Following a favorable decision from Brazilian tax authorities received during 2019, Coca-Cola FEMSA has been entitled to reclaim indirect in the revenues captions of the condensed consolidated income statements (2) During 2019 , in restructu r |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
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Financial Instruments | Note 16. Financial Instruments Fair Value of Financial Instruments The Company measures the fair value of its financial assets and liabilities classified as level 1 and 2, applying the income approach method, which estimates the fair value based on expected cash flows discounted to net present value. The following table summarizes the Company’s financial assets and liabilities measured at fair value, as of September 30, 2019 and December 31, 2018 : September 30, December 31, Level 1 Level 2 Level 1 Level 2 Derivative financial instrument asset 21 2,176 — 2,605 Derivative financial instrument liability 205 1,244 236 881 16.1 Total debt The fair value of bank loans is calculated based on the discounted value of contractual cash flows whereby the discount rate is estimated using rates currently offered for debt of similar amounts and maturities, which is considered to be L L 4 16.2 Interest rate swaps The Company has contracted a number of interest rate swaps to reduce its exposure to interest rate fluctuations associated with itsdebt denominated in BRL. These interest rate swaps, for accounting purposes are recorded as fair value hedges and the interest rate variation is recorded in the consolidated income statement as “market value (gain) loss on financial instruments”. As of September 30, 2019, the Company has the following outstanding interest rate swap agreements: Maturity Date Notional Fair Value Liability Fair Value Asset September 30, 2019 2019 Ps. 4,004 Ps. (40 ) Ps. — 2020 4,548 (189 ) — As of December 31, 2018, the Company has the following outstanding interest rate swap agreements: Maturity Date Notional Fair Value Liability Fair Value Asset December 31, 2018 2019 Ps. 4,013 Ps. (49) Ps. — 2020 4,559 (112 ) — 2021 4,035 (110 ) — The net effect of expired contracts treated as hedges are recognized as interest expense within the consolidated income statements. 16.3 Forward agreements to purchase foreign currency The Company has entered into forward agreements to reduce its exposure to the risk of exchange rate fluctuations among the Mexican peso and other currencies. These instruments have been designated as cash flow hedges and are recognized in the consolidated statement of financial position at their estimated fair value which is determined based on prevailing market exchange rates to terminate the contracts at the end of the period. Changes in the fair value of these forwards are recorded as part of “cumulative other comprehensive income”. Net gain/ loss on expired contracts is recognized as part of foreign exchange or cost of goods sold, depending on the nature of the hedge in the consolidated income statements. Net changes in the fair value of forward agreements that do not meet criteria for hedge accounting are recorded in the consolidated income statements under the caption “market value gain on financial instruments”. As of September 30, 2019, the Company had the following outstanding forward agreements to purchase foreign currency: Maturity Date Notional Fair Value Liability Fair Value Asset September 30, 2019 2019 Ps. 3,301 Ps. (31 ) Ps. 83 2020 4,323 (17 ) 58 As of December 31, 2018, the Company had the following outstanding forward agreements to purchase foreign currency: Maturity Notional Fair Value Liability Fair Value Asset December 31, 2018 2019 Ps. Ps. (66 ) Ps. 109 16.4 Options to purchase foreign currency The Company has executed call option and collar strategies to reduce its exposure to the risk of exchange rate fluctuations. A call option is an instrument that limits the loss in case of foreign currency depreciation. A collar is a strategy that combines call and put options, limiting the exposure to the risk of exchange rate fluctuations in a similar way as a forward agreement. These instruments have been designated as cash flow hedges and are recognized in the consolidated statement of financial position at their estimated fair value which is determined based on prevailing market exchange rates to terminate the contracts at the end of the period. Changes in the fair value of these options, corresponding to the intrinsic value, are initially recorded as part of “cumulative other comprehensive income”. Changes in the fair value, corresponding to the extrinsic value, are recorded in the consolidated income statements under the caption “market value gain/ (loss) on financial instruments,” as part of the consolidated net income. Net gain/(loss) on expired contracts including the net premium paid, is recognized as part of cost of goods sold when the hedged item is recorded in the consolidated income statements. As of September 30, 2019, the Company paid a net premium of Ps. 9 million for the following outstanding collar options to purchase foreign currency: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 245 Ps. (2 ) Ps. 9 2020 112 — 8 At December 31, 2018, the Company paid a net premium of Ps. 43 million for the following outstanding collar options to purchase foreign currency: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 1,734 Ps. (33 ) Ps. 57 16.5 Cross-currency swaps The Company has contracts denominated as interest cross-currency rate swaps in order to reduce the risk emanated from interest rate and exchange rate fluctuation in the contracted obligations denominated in USD, hedging the total contracted loans. Exchange rate swaps are designated as hedge instruments where the Company changes the debt profile to the functional currency to reduce the exchange rate fluctuation risk. The fair value is estimated using market prices that would apply to terminate the contracts at the end of the period. For accounting purposes, the cross currency swaps are recorded as both, Cash Flow Hedges in regards to the foreign exchange risk, and Fair Value Hedges in regards to the interest rate risk and foreign exchange risk. The fair value changes related to exchange rate fluctuations of the notional of those cross currency swaps and the accrued interest are recorded in the consolidated income statements. The remaining portion of the fair value changes, when designated as Cash Flow Hedges, are recorded in the consolidated balance sheet in “cumulative other comprehensive income”. If they are designated as Fair Value Hedges the changes in this remaining portion are recorded in the income statements as “market value (gain) loss on financial instruments”. At September 30, 2019, the Company had the following outstanding cross – currency swap agreements: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 4,641 Ps. — Ps. 815 2020 14,366 (174 ) 1,125 2023 11,193 (247 ) 25 2027 6,873 (545 ) 54 As of December 31, 2018, the Company had the following outstanding cross – currency swap agreements: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 4,652 Ps. — Ps. 498 2020 14,400 (79 ) 969 2021 4,035 — 586 2023 11,219 (390 ) 135 2027 6,889 (42 ) 202 16.6 Commodity price contracts The Company has entered into various commodity price contracts to reduce its exposure to the risk of fluctuation in the costs of certain raw material. The fair value is estimated based on the market valuations to terminate the contracts at the end of the period. These instruments are designated as cash flow hedges and the changes in the fair value are recorded as part of “cumulative other comprehensive income.” The fair value of expired commodity price contract was recorded in cost of goods sold when the hedged item was recorded also in cost of goods sold. As of September 30, 2019, Coca-Cola FEMSA had the following sugar price contracts: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 922 Ps. (65 ) Ps. 4 2020 1,018 (21 ) 10 As of December 31, 2018, Coca-Cola FEMSA had the following sugar price contracts: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 1,223 (88 ) — As of September 30, 2019, Coca-Cola FEMSA had the following aluminum price contracts: Maturity Date Notional Amount Fair Value Liability September 2019 Fair Value Asset September 30, 2019 Ps. 223 Ps. (23 ) Ps. — 2020 255 (10 ) — As of December 31, 2018, Coca-Cola FEMSA had the following aluminum price contracts: Maturity Date Notional Amount Fair Value Liability December 31, 2018 Fair Value Asset December 31, 2019 Ps. 265 (17 ) — As of September 30, 2019, Coca-Cola FEMSA had the following PX+MEG contracts: Maturity Date Notional Amount Fair Value Liability September 30, 2019 Fair Value Asset September 30, 2019 Ps. 333 Ps. (76 ) Ps. — 2020 333 (9 ) 5 As of December 31, 2018, Coca-Cola FEMSA had the following PX+MEG contracts: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 1,303 (131 ) — 16.7 Option embedded in the Promissory Note to fund the Vonpar’s acquisition As disclosed in Note 5 December 31, 2018 an September 0 9 and Ps. 4,319 The holders of the promissory note have an option, that may be exercised prior to the scheduled maturity of the promissory note, to capitalize the Mexican peso amount equivalent to the amount payable under the promissory note into a recently incorporated Mexican company which would then be merged into the Coca-Cola FEMSA in exchange for Series L shares at a strike price of Ps. 178.5 per share. Such capitalization and issuance of new Series L shares is subject to Coca-Cola FEMSA having a sufficient number of Series L shares available for issuance. Coca-Cola FEMSA uses Black & Scholes valuation technique to measure the call option at fair value. The call option had an estimated fair value of Ps. 343 million at inception of the option and Ps. 0.0 and Ps. 14 million as of September 30, 2019 a |
Non-Controlling Interest in Con
Non-Controlling Interest in Consolidated Subsidiaries | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Non-Controlling Interest in Consolidated Subsidiaries | Note 17. Non-Controlling An analysis of non-controlling September 30, 2019 December 31, 2018 Mexico Ps. 5,612 Ps. 5,700 Colombia 20 21 Brazil 1,027 1,085 Ps. 6,659 Ps. 6,806 |
Dividends
Dividends | 9 Months Ended |
Sep. 30, 2019 | |
Return On Shareholders Funds [Abstract] | |
Dividends | Note 18. Dividends At an ordinary shareholders’ meeting of Coca-Cola FEMSA held on March 14, 2019, the shareholders approved a dividend of Ps. 7,437 that was paid 50% on May 3, 2019 and other 50% to be paid on November 1, 2019. The corresponding payment to the non-controlling At an ordinary shareholders’ meeting of Coca-Cola FEMSA held on March 9, 2018, the shareholders approved a dividend of Ps. 7,038 50 50 |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Earnings per Share | Note 19. Earnings per Share Basic earnings per share amounts are calculated by dividing consolidated net income for the year attributable to controlling interest by the weighted average number of shares outstanding during the period adjusted for the weighted average of own shares purchased in the period. Diluted earnings per share amounts are calculated by dividing consolidated net income for the year attributable to equity holders of the parent by the weighted average number of shares outstanding during the period plus the weighted average number of shares for the effects of dilutive potential shares. On January 31, 2019, the Board Directors of Coca Cola FEMSA approved: (i) An eight-for-one (ii) The issuance of Series B ordinary shares with full voting rights; (iii) The creation of units, comprised of 3 Series B shares and 5 Series L shares, to be listed for trading on the Mexican Stock Exchange (“BMV”) and in the form of American depositary shares (ADSs) on the New York Stock Exchange (“NYSE”); and (iv) Amendments to the Company’s bylaws mainly to give effect to the matters approved in paragraphs (i), (ii), and (iii), described above. On March 22, As a result, (i) the percentage of ownership held by the Company’s shareholders did was The capital stock of the Company prior to and immediately after the s s Outstanding shares prior to the Stock Split: Series of shares Shareholders Outstanding shares % of the capital stock % of ordinary shares with full voting rights A Wholly-owned subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. 992,078,519 47.223 % 62.964 % D Wholly-owned subsidiaries of The Coca-Cola Company 583,545,678 27.777 % 37.036 % L Public float 525,208,065 25.0 % 0 % Total 2,100,832,262 100 % 100 % Outstanding shares after the Stock Split: Series of shares Shareholders Outstanding shares % of the capital stock % of ordinary shares with full voting rights A Wholly-owned subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. 7,936,628,152 47.223 % 55.968 % D Wholly-owned subsidiaries of The Coca-Cola Company 4,668,365,424 27.777 % 32.921 % B Public float 1,575,624,195 9.375 % 11.11 % L Public float 2,626,040,325 15.625 % 0 % Total 16,806,658,096 100 % 100 % The earnings per share for the nine-month periods ended September 30, 2019 and 2018 have been adjusted retrospectively for comparative purposes based on the number of shares resulting from the stock split. Basic and diluted earnings per share amounts are as follows: 2019 Per Series Per Series Per Series Per Series Consolidated net income Ps. 4,768 Ps. 2,804 Ps. 946 Ps. 1,577 Consolidated net income attributable to equity holders of the parent- 4,768 2,804 946 1,577 Weighted average number of shares for basic earnings per share (millions of shares) 7,937 4,668 1,576 2,626 2018 (1) Per Series Per Series Per Series Per Series Consolidated net income Ps. 3,873 Ps. 2,278 Ps. 769 Ps. 1,281 Consolidated net income attributable to equity holders of the parent- 3,719 2,188 739 1,231 Consolidated net income attributable to equity holders of the parent- 153 90 30 51 Weighted average number of shares for basic earnings per share (millions of shares) 7,937 4,668 1,576 2,626 (1) The allocated earnings amounts for 2018 have been revised for the effect of the stock split. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Income Taxes | Note 20. Income Taxes 20.1 Recoverable taxes Recoverable taxes are mainly integrated by higher provisional payments of income tax during 2019 in comparison to prior year, which will be compensated in future years. The operations in Guatemala, Panama, Nicaragua and Colombia are subject to a minimum tax, which is based primary on a percentage of assets and gross margin, except in the case of Panama and Nicaragua any payments are recoverable in future years, under certain conditions. 20.1.1 Exclusion of the State VAT (ICMS) on the Social Contribution on gross revenue (PIS / COFINS) calculate basis On March 15, 2017 the Brazilian Federal Supreme Court (STF) ruled that the inclusion of the state VAT (ICMS) on the social contributions on gross revenue (PIS and COFINS) taxable basis is unconstitutional,subsequently the General Attorney of the National Treasury in Brazil filled a motion to clarify the effects of this decision, such motions were claimed by the Company through the filing of several legal actions covering different periods for which the PIS COFINS was paid on the aforementioned unconstitutional taxable basis. The net favorable effects of each case are to be recorded at the time all formalities and legal procedures are finalized and the asset become virtually certain. During August 2019, the Company received favorable decisions on some legal actions and recoverable taxes were recorded with an impact in other income. 20.2 Tax Refor m Since 2016, the Brazilian federal production and sales tax rates have being modified. However, the Supreme Court decided in early 2017 that the value-added tax will not be used as the basis for calculating the federal sales tax, which resulted in a reduction of the federal sales tax. Notwithstanding the above, the tax authorities appealed the Supreme Court’s decision and are still waiting for a final resolution. Up to the third quarter of 2019, the federal production and sales taxes together resulted in an average of 16.4% (2018 – 16.5%) tax over net sales . In addition, the excise tax on concentrate in Brazil was reduced from 20.0% to 4.0% from September 1, 2018 to December 31, 2018. Temporarily the excise tax rate on concentrate increased from 4.0% to 12.0% from January 1, 2019 to June 30, 2019, then it was reduced to 8.0% from July 1, 2019 to September 30, 2019, and increased to 10.0% from October 1, 2019 to December 31, 2019. On January 1, 2020 the excise tax rate will be reduced back to 4.0%. On January 1, 2017, a general tax reform in Colombia reduced the income tax rate from 35.0% to 34.0% for 2017 and then to 33.0% for the following years. In addition, for entities located outside the free trade zone, this reform imposed an extra income tax rate of 6.0% for 2017 and 4.0% for 2018. For taxpayers located in the free trade zone, the special income tax rate increased from 15.0% to 20.0% for 2017. Additionally, the reform eliminated the temporary tax on net equity, the supplementary income tax at a rate of 9.0% as contributions to social programs and the temporary contribution to social programs at a rate of 5.0%, 6.0%, 8.0% and 9.0% for the years 2015, 2016, 2017 and 2018, respectively . On January 1, 2019, a new tax reform became effective in Colombia. This reform reduced the income tax rate from 33.0% to 32.0% for 2020, to 31.0% for 2021 and to 30.0% for 2022. The minimum assumed income tax (renta presuntiva sobre el patrimonio) was also reduced from 3.5% to 1.5% for 2019 and 2020, and to 0% for 2021. In addition, the thin capitalization ratio was adjusted from 3:1 to 2:1 for operations with related parties only. As of January 1, 2019, the value-added tax will be calculated at each sale instead of applied only to the first sale (being able to transfer the value-added tax throughout the entire supply chain). For the companies located in the free trade zone, the value-added tax will be calculated based on the cost of production instead of the cost of the imported raw materials (therefore, we will be able to credit the value added-tax added-tax as The Tax Reform increases the dividend tax on distributions to foreign nonresident’s entities and individuals from 5% to 7.5%. In addition, the tax reform establishes a 7.5% dividend tax on distributions between Colombian companies. The tax will be charged only on the first distribution of dividends between Colombian entities, and may be credited against the dividend tax due once the ultimate Colombian company makes a distribution to its shareholders nonresident shareholders (individuals or entities) or to Colombian individual residents. On January 1, 2018, a tax reform became effective in Argentina. This reform reduced the income tax rate from 35.0% to 30.0% for 2018 and 2019, and then to 25.0% for the following years. In addition, such reform imposed a new tax on dividends paid to non-resident as and On January 1, 2019, the Mexican government eliminated the right to offset any tax credit against any payable tax (general offset or compensación universal). As of such date, the right to offset any tax credit will be against taxes of the same nature and payable by the same person (not being able to offset tax credits against taxes payable by third parties). On January 1, 2019 a tax reform became effective in Costa Rica. This reform will allow that the tax on sales not only be applied to the first sale, but to be applied and transferred at each sale; therefore, the tax credits on tax on sales will be recorded not only on goods related to production and on administrative services, but on a greater number of goods and services. Value-added tax on services provided within Costa Rica will be charged at a rate of 13.0% if provided by local suppliers, or withheld at the same rate if provided by foreigner suppliers. Although a territorial principle is still applicable in Costa Rica for operations abroad, a tax rate of 15.0% has been imposed on capital gains from the sale of assets located in Costa Rica. New income tax withholding rates were imposed on salaries and compensations of employees, at the rates of 25.0 20.0 non-members For the nine-month period ended Septembe r 30, 2019 and 2018, the major components of income tax expense are: September 30, 2019 September 30, 2018 Current tax expense Ps. 4,448 Ps. 3,536 Deferred tax expense: (495 ) 237 Ps. 3,953 Ps. 3,773 |
Other Liabilities, Provisions a
Other Liabilities, Provisions and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Other Liabilities, Provisions and Contingencies | Note 21. Other Liabilities, Provisions and Contingencies As of September 30, 2019 and December 31, 2018, other current financial liabilities are Ps. 4,385 and Ps. 566, respectively . The balance as of September 30, 2019 includes dividends to be paid in November 2019 . As of September 30, 2019 and December 31, 2018, Company’s provisions, other non-current non-current In respect to contingencies, the Company has various loss contingencies and has recorded reserves as other liabilities for those legal proceedings for which it believes an unfavorable resolution is probable. Most of these contingencies are the result of the Company’s business acquisitions. The following table presents the nature and amount of the contingencies recorded as of September 30, 2019 and December 31, 2018: September 30, December 31, 2018 Taxes Ps. 4,653 Ps. 5,038 Labor 2,332 2,340 Legal 942 920 Total Ps. 7,927 Ps. 8,298 While provision for all probable claims has already been made, the actual outcome of the disputes and the timing of the resolution cannot be estimated by the Company at this time. The Company has entered into several proceedings with its labor unions, tax authorities and other parties that primarily involve Coca-Cola FEMSA and its subsidiaries. These proceedings have resulted in the ordinary course of business and are common to the industry in which the Company operates. The aggregate amount being claimed against the Company resulting from such proceedings as of September 30, 2019 is Ps. 54,182. Such contingencies were classified by legal counsel as less than probable but more than remote of being settled against the Company. However, the Company believes that the ultimate resolution of such several proceedings will not have a material effect on its consolidated financial position or result of operations. The Company has tax contingencies, most of which are related to its Brazilian operations, amounting to approximately Ps. 50,729 with loss expectations assessed by management and supported by the analysis of legal counsel consider as possible. Among these possible contingencies, is Ps. 10,451 in various tax disputes related primarily to credits for ICMS (VAT) and Ps. 33,383 related to tax credits of IPI over raw materials acquired from Free Trade Zone Manaus. Possible claims also include Ps. 3,719 related to compensation of federal taxes not approved by the IRS (Tax authorities), and Ps. 3,174 related to the requirement by the Tax Authorities of State of São Paulo for ICMS (VAT), interest and penalty due to the alleged underpayment of tax arrears for the period 1994-1996. The Company is defending its position in these matters and final decision is pending in court. In recent years in its Mexican and Brazilian territories, Coca-Cola FEMSA has been requested to present certain information regarding possible monopolistic practices. These requests are commonly generated in the ordinary course of business in the soft drink industry where this subsidiary operates. The Company does not expect any material liability to arise from these contingencies. As is customary in Brazil, Coca-Cola FEMSA has been required by the tax authorities there to collateralize tax contingencies currently in litigation amounting to Ps. 8,985 and Ps. 7,739, as of September 30, 2019 and December 31, 2018, respectively, by pledging fixed assets and entering into available lines of credit covering the contingencies. Additionally in some cases, the Company is required to guarantee tax, legal and labor contingencies by guarantee deposits, these amounts are included in other other non |
Information by segment
Information by segment | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Information by segment | Note 22. Information by Segment The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer, who periodically reviews financial information at the country level. Thus, each of the separate countries in which the Company operates is considered an operating segments, with the exception of the countries in Central America which represent a single operating segment. The Company has aggregated operating segments into the following reporting segments for the purposes of its consolidated financial statements: (i) Mexico and Central America division (comprising the following countries: Mexico (including corporate operations), Guatemala, Nicaragua, Costa Rica and Panama, and (ii) the South America division (comprising the following countries: Brazil, Argentina, Colombia and Uruguay). The Company is of the view that the quantitative and qualitative aspects of the aggregated operating segments are similar in nature for all periods presented. In evaluating the appropriateness of aggregating operating segments, the key indicators considered included but were not limited to:(i) similarities of customer base, products, production processes and distribution processes, (ii) similarities of governments, (iii) inflation trends, since hyper-inflationary economy has different characteristics that carry out to making decision on how to deal with the cost of the production and distribution, (iv) currency trends and (v) historical and projected financial and operating statistics, historically and according to our estimates the financial trends of the countries aggregated into an operating segment have behaved in similar ways and are expected to continue to do so. Inter-segment transfers or transactions are entered into and presented under accounting policies of each segment, which are the same to those applied by the Company. Intercompany operations are eliminated and presented within the consolidation adjustment column included in the tables below. Selected information of the condensed consolidated statements of operations by geographic operating segment for the nine-month period ended as of September 30, 2019 and 2018 is as follows: 2019 Mexico and Central (1) South (2) Consolidated Total revenues Ps. 81,996 Ps. 60,508 Ps. 142,504 Intercompany revenues 4,194 12 4,206 Gross profit 39,335 25,139 64,474 Income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method 9,535 4,975 14,510 Depreciation and amortization 4,436 3,056 7,492 Non-cash (3) 845 348 1,193 Equity in earnings (loss) of associated companies and joint ventures (156 ) 61 (95 ) Total assets 150,026 112,674 262,700 Investments in associate companies and joint ventures 7,002 3,585 10,587 Total liabilities (99,208 ) (33,791 ) (132,999 ) Capital expenditures, net (4) 3,698 2,983 6,681 2018 Mexico and Central (1) South America (2) Consolidated Total revenues Ps. 74,738 Ps. 55,839 Ps. 130,577 Intercompany revenues 4,194 (42 ) 4,152 Gross profit 35,930 24,220 60,150 Income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method 6,659 5,593 12,252 Depreciation and amortization 4,087 2,798 6,885 Non-cash (3) 813 108 921 Equity in earnings (loss) of associated companies and joint ventures (206 ) 45 (161 ) Total assets 147,748 116,039 263,787 Investments in associate companies and joint ventures 6,789 3,729 10,518 Total liabilities 96,525 35,512 132,037 Capital expenditures, net (4) 4,420 2,700 7,120 (1) Central America includes Guatemala, Nicaragua, Costa Rica and Panama. Domestic (Mexico only) revenues were Ps. 68,750 and Ps. 63,430 during the nine-month period ended September 30, 2019 and 2018, respectively. Domestic (Mexico only) total assets were Ps. 134,802 and Ps. 130,865 as of September 30, 2019 and December 31, 2018, respectively. Domestic (Mexico only) total liabilities were Ps. 111,991 and Ps. 92,340 as of September 30, 2019 and December 31, 2018, respectively. (2) South America includes Brazil, Argentina, Colombia and Uruguay. South America revenues include Brazilian revenues of Ps. 39,090 and Ps. 43,586 during the nine-month period ended September 30, 2019 and 2018, respectively. Brazilian total assets were Ps. 80,657 and Ps. 86,007 as of September 30, 2019 and December 31, 2018, respectively. Brazilian total liabilities Ps. 24,252 and Ps. 26,851 as of September 30, 2019 and December 31, 2018, respectively. South America revenues also include Colombian revenues of Ps. 9,888 and Ps. 10,790 during the nine-month period ended September 30, 2019 and 2018, respectively. Colombian total assets were Ps. 18,536 and Ps. 17,626 as of September 30, 2019 and December 31, 2018, respectively. Colombian total liabilities were PS. 4,264 and Ps. 4,061 as of September 30, 2019 and December 31, 2018, respectively. South America revenues also include Argentine revenues Ps. 5,172 and Ps. 4,619 during the nine-month period ended September 30, 2019 and 2018, respectively. Argentine total assets were Ps. 4,274 and Ps. 6,021 as of September 30, 2019 and December 31, 2018, respectively. Argentine total liabilities were Ps. 1,519 and Ps. 2,059 as of September 30, 2019 and December 31, 2018, respectively. South America revenues also include Uruguay revenues Ps. 2,415 during the nine-month period ended September 30, 2019. Uruguay total assets were Ps. 5,935 and Ps. 6,385 as of September 30, 2019 and December 31, 2018, respectively. Uruguay total liabilities were Ps. 2,387 and Ps. 2,541 as of September 30, 2019 and December 31, 2018, respectively. (3) Includes foreign exchange loss, net; gain on monetary position, net; and market value (gain) loss on financial instruments. (4) Includes acquisitions and disposals of property, plant and equipment, intangible assets and other long-lived assets. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2019 | |
Revenue [abstract] | |
Revenue Recognition | Note 23. Revenue Recognition The Company recognizes revenue when it has transferred to the client control over the good sold or the service rendered. Control refers to the ability of the client to direct and obtain substantially all the transferred product benefits. Also, it implies that the customer has the ability to prevent a third-party from directing the use and obtaining substantially all the benefits of the transferred product. Coca-Cola FEMSA’s management applies the following considerations to analyze the moment in which the control of the good sold or the service is transferred to the client • Identify the contract (written, spoken or according to the conventional business practices) • Evaluate the goods and services engaged in the client’s contract and identify the related performance obligations. • Consider the contract terms and the commonly accepted practices in the business to determine the transaction price. The transaction price is the consideration that the Company expects to be entitled for transferring the goods and services engaged with the client, excluding the collected amount for third parties, such as taxes directly related to the sales. The consideration engaged in a customer’s contract may include fixed amount, variable amounts or both of them. • Allocate the transaction price to each performance obligation (to each good or services different) for an amount that represents the part of the benefit that the Company expects to receive in exchange for the right of transferring the goods or services engaged with the client. • Recognize revenue when (or while) it satisfied the performance obligation through the transfer of the goods or services engaged. All of the conditions mentioned above are accomplished normally when the goods are delivered and services are provided to the customer and this moment is considered a point in time. The net sales reflect the units delivered at list price, net of promotions and discounts. The Company generates revenues for the following principal activities: Sale of goods. It includes the sales of goods by all the subsidiaries of the Company, mainly the sale of beverages of the leading brand of Coca-Cola inwhich the revenue is recognized in the point of time those products were sold to the customers Rendering of services. It includes the revenues of distribution services that the Company recognizes as revenues as the related performance obligation is satisfied. The Company recognizes revenues for rendering of services during the time period in which the performance obligation is satisfied according with the following conditions: • The customer receives and consume simultaneously the benefits, as the Company satisfies the performance obligation; • The customer controls related assets, even if the Company improve them; • The revenues can be measured reliably; and • The Company has the right to payment for the performance completed to date Sources of revenue For the nine- For the nine- Revenue sale of products Ps. 140,571 Ps. 130,252 Services rendered 314 276 Other operating revenues 1,619 (1) 49 Revenue from contracts with customers Ps. 142,504 Ps. 130,577 (1) Related tax effect in Brazil – See Note 15. Variable allowances granted to customers The Company adjusts the transaction price based on the estimations of the promotions, discounts or any other variable allowances that may be grantable to the customers and are recognized at the moment of sale, this is net of sale. These estimations are based on the commercial agreements celebrated with the customers and in the historical performance predicted for the customer using the expected value method, due to a significant portion of sales are made in cash and the credits sales are based on short term contracts financial components on credit sales are not significant. Contracts costs The incremental costs for obtaining a customer contracts are recognized as an asset if the Company expects to recover the costs associated to them. The incremental costs are those in which you incur to obtain a contract and that wouldn’t be generated if the contract hadn’t been obtained. The Company recognizes these costs as an expense in the profit and loss statement when the associated income is realized in a period equal or less than one year. The recognized assets, as previously indicated, is amortized in a systematic way as goods and services are transferred to the client in such way that the asset will be recognized in the profit and loss statement through its amortization in the same period that revenue is accountably recognized. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Supplemental Guarantor Information | Note 24. Supplemental Guarantor Information Interim Condensed Consolidating Financial Information The following consolidating information presents condensed consolidating statements of financial position as of September 30, 2019 and December 31, 2018 and condensed consolidating statements of income, other comprehensive income and cash flows for each of the nine month periods ended September 30, 2019 and 2018 of the Company and Propimex, S. de R.L. de C.V., Comercializadora la Pureza de Bebidas, S. de R.L. de C.V., Controladora Interamericana de Bebidas, S. de R.L. de C.V., Grupo Embotellador CIMSA, S. de R.L. de C.V., Refrescos Victoria del Centro, S. de R.L. de C.V., Distribuidora y Manufacturera del Valle de Mexico, S. de R.L. de C.V (as successor guarantor of Servicios Integrados Inmuebles del Golfo, S. de R.L. de C.V.) and Yoli de Acapulco, S. de R. L. de C.V. (the Guarantors). These statements are prepared in accordance with IFRS, as issued by the IASB, with the exception that the subsidiaries are accounted for as investments under the equity method rather than being consolidated. The guarantees of the Guarantors are full and unconditional. The accounting policies applied in the preparation of the condensed financial statements is the same as those used in the preparation of the consolidated financial statements (see Note 3 The Company’s consolidating condensed financial information for the (i) Company; (ii) its 100% owned guarantors subsidiaries (on standalone basis), which are wholly and unconditional guarantors under both prior years debt and current year debt referred to as “Senior Notes” in Note 14; (iii) the combined non-guarantor Parent Combined Wholly-owned Subsidiaries Combined non-guarantor Subsidiaries Eliminations Consolidated Total Consolidated Statement of Financial Position As of September 30, 2019 Assets: Current assets: Cash and cash equivalents Ps. 11,058 Ps. 7,991 Ps. 11,181 Ps. — Ps. 30,230 Accounts receivable, net 20,120 26,830 56,995 (92,985 ) 10,960 Inventories — 1,728 7,929 — 9,657 Recoverable taxes 232 1,290 6,300 — 7,822 Other current assets 290 211 2,838 — 3,339 Total current assets 31,700 38,050 85,243 (92,985 ) 62,008 Non-current Investments in other entities 155,036 146,495 3,604 (294,548 ) 10,587 Property, plant and equipment, net — 18,304 41,101 — 59,405 Rights of use assets — 635 723 — 1,358 Intangible assets, net 28,863 36,620 46,981 — 112,464 Deferred tax assets 3,923 1,838 3,808 — 9,569 Other non-current 22,769 6,214 20,726 (42,400 ) 7,309 Total non-current 210,591 210,106 116,943 (336,948 ) 200,692 Total assets Ps. 242,291 Ps. 248,156 Ps. 202,186 Ps. (429,933) Ps. 262,700 Liabilities: Current liabilities: Short-term bank loans and notes payable and current portion of non-current Ps. 9,814 Ps. — Ps. 6,885 Ps. — Ps. 16,699 Current portionof lease liabilities — 143 328 — 471 Interest Payable 972 — 21 — 993 Suppliers 7 10,566 7,254 (115 ) 17,712 Other current liabilities 35,669 39,874 37,740 (92,871 ) 20,412 Total current liabilities 46,462 50,583 52,228 (92,986 ) 56,287 Non-current Long-term debt 58,708 — 1,113 — 59,821 Long- lease liabilities — 493 420 — 913 Other non-current 14,081 36,703 7,594 (42,400 ) 15,978 Total non-current 72,789 37,196 9,127 (42,400 ) 76,712 Total liabilities 119,251 87,779 61,355 (135,386 ) 132,999 Equity: Equity attributable to equity holders of the parent 123,040 160,377 134,172 (294,547 ) 123,042 Non-controlling — — 6,659 0 6,659 Total equity 123,040 160,377 140,831 (294,547 ) 129,701 Total liabilities and equity Ps. 242,291 Ps. 248,156 Ps. 202,186 Ps. (429,933) Ps. 262,700 Parent Combined Wholly- Subsidiaries Combined non-guarantor Subsidiaries Eliminations Consolidated Total Consolidated Statement of Financial Position As of December 31, 2018 Assets: Current assets: Cash and cash equivalents Ps. 16,529 Ps. 1,025 Ps. 6,173 Ps. — Ps. 23,727 Accounts receivable, net 19,388 31,461 51,028 (87,030 ) 14,847 Inventories — 2,717 7,334 — 10,051 Recoverable taxes 80 1,870 4,088 — 6,038 Other current assets — 170 2,657 — 2,827 Total current assets 35,997 37,243 71,280 (87,030 ) 57,490 Non-current Investments in other entities 160,014 131,357 3,766 (284,619 ) 10,518 Property, plant and equipment, net — 18,378 43,564 — 61,942 Intangible assets, net 27,824 36,361 52,619 — 116,804 Deferred tax assets 3,043 1,807 3,588 — 8,438 Other non-current 19,060 6,282 25,149 (41,896 ) 8,595 Total non-current 209,941 194,185 128,686 (326,515 ) 206,297 Total assets Ps. 245,938 Ps. 231,428 Ps. 199,966 Ps. (413,545) Ps. 263,787 Liabilities: Current liabilities: Short-term bank loans and notes payable and current portion of non-current Ps. 4,700 Ps. — Ps. 6,904 Ps. — Ps. 11,604 Interest Payable 477 — 20 — 497 Suppliers 11 2,531 17,257 (53 ) 19,746 Other current liabilities 32,909 82,359 (14,614 ) (86,977 ) 13,677 Total current liabilities 38,097 84,890 9,567 (87,030 ) 45,524 Non-current Bank loans and notes payable 68,607 — 1,594 — 70,201 Other non-current 14,292 670 43,246 (41,896 ) 16,312 Total non-current 82,899 670 44,840 (41,896 ) 86,513 Total liabilities 120,996 85,560 54,407 (128,926 ) 132,037 Equity: Equity attributable to equity holders of the parent 124,942 145,868 138,753 (284,619 ) 124,944 Non-controlling — — 6,806 — 6,806 Total equity 124,942 145,868 145,559 (284,619 ) 131,750 Total liabilities and equity Ps. 245,938 Ps. 231,428 Ps. 199,966 Ps. (413,545) Ps. 263,787 Parent Combined Wholly-owned Guarantors Subsidiaries Combined non-guarantor Subsidiaries Eliminations Consolidated Total Condensed consolidating income statements: For the nine-months periods ended September 30, 2019 Total revenues Ps. 1 Ps. 73,131 Ps. 113,751 Ps. (44,379 ) Ps. 142,504 Cost of goods sold 18 41,731 74,017 (37,736 ) 78,030 Gross profit (17 ) 31,400 39,734 (6,643 ) 64,474 Administrative expenses 612 2,600 5,730 (2,457 ) 6,485 Selling expenses — 17,553 24,577 (4,186 ) 37,944 Other expenses (income), net 1 351 617 — 969 Interest expense, net 3,476 2,858 (2,006 ) — 4,328 Foreign exchange loss (gain), net (553 ) 34 685 — 166 Other financing expense (income), net — — 72 — 72 Income taxes (653 ) 2,089 2,517 — 3,953 Share of the profit (loss) of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes 12,995 9,899 63 (23,052 ) (95 ) Consolidated Net income Ps. 10,095 Ps. 15,814 Ps. 7,605 Ps. (23,052 ) Ps. 10,462 Attributable to: Net income attributable to holders of the parent 10,095 15,814 7,238 (23,052 ) 10,095 Net income attributable to non-controlling — — 367 — 367 Consolidated Net income Ps. 10,095 Ps. 15,814 Ps. 7,605 Ps. (23,052 ) Ps. 10,462 Parent Combined Wholly- Guarantors Subsidiaries Combined non-guarantor Subsidiaries Eliminations Consolidated Total Condensed consolidating income statements: For the nine-months periods ended September 30, 2018 Total revenues Ps. 1 Ps. 77,484 Ps. 106,155 Ps. (53,063 ) Ps. 130,577 Cost of goods sold 18 49,272 66,375 (45,238 ) 70,427 Gross profit (17 ) 28,212 39,780 (7,825 ) 60,150 Administrative expenses 109 4,105 5,391 (3,663 ) 5,942 Selling expenses — 16,605 23,841 (4,163 ) 36,283 Other expenses (income), net 1 24 812 — 837 Interest expense, net 3,157 2,629 (1,028 ) 1 4,759 Foreign exchange loss (gain), net (461 ) 148 261 — (52 ) Other financing expense (income), net — — 129 — 129 Income taxes (446 ) 1,085 3,134 — 3,773 Share of the profit (loss) of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes 10,578 7,258 48 (18,045 ) (161 ) Net income from continuing operations Ps. 8,201 Ps. 10,874 Ps. 7,288 Ps. (18,045) Ps. 8,318 Net income after tax from discontinued operations Ps. — Ps. — Ps. 576 Ps. — Ps. 576 Consolidated Net income Ps. 8,201 Ps. 10,874 Ps. 7,864 Ps. (18,045) Ps. 8,894 Attributable to: Equity holders of the parent- continuing 8,201 10,874 6,847 (18,045 ) 7,877 Equity holders of the parent- discontinued. — — 324 — 324 Net income attributable to holders of the parent Non-controlling — — 441 — 441 Non-controlling — — 252 — 252 Net income attributable to non-controlling Consolidated Net income Ps. 8,201 Ps. 10,874 Ps. 7,864 Ps. (18,045) Ps. 8,894 Parent Wholly-owned Guarantors Subsidiaries Combined non-guarantor Subsidiaries Eliminations Consolidated Total Condensed consolidating statements of comprehensive income For the nine-months periods ended September 30, 2019 Consolidated net income Ps. 10,095 Ps. 15,814 Ps. 7,605 Ps. (23,052) Ps. 10,462 Other comprehensive income, net of taxes: Other comprehensive income to be reclassified to profit or loss in subsequent periods: Valuation of the effective portion of derivative financial instruments, net of taxes (472 ) 390 (782 ) 390 (474 ) Exchange differences on translation of foreign operations (4,039 ) (9,861 ) (4,552 ) 13,900 (4,552 ) Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods: (4,511 ) (9,471 ) (5,334 ) 14,290 (5,026 ) Items not to be reclassified to profit or loss in subsequent periods: Other equity instruments — — — — — Remeasurements of the net defined benefit liability, net of taxes (48 ) 61 (471 ) 410 (48 ) Net other comprehensive income not being reclassified to profit or loss in subsequent periods: (48 ) 61 (471 ) 410 (48 ) Total comprehensive (loss) income, net of tax (4,559 ) (9,410 ) (5,805 ) 14,700 (5,074 ) Consolidated comprehensive income for the year, net of tax Ps. 5,536 Ps. 6,404 Ps. 1,800 Ps. (8,352) Ps. 5,388 Attributable to: Equity holders of the parent Ps. 5,536 Ps. 6,404 Ps. 1,947 Ps. (8,352) Ps. 5,535 Non-controlling — — (147 ) — (147 ) Consolidated comprehensive income for the year, net of tax Ps. 5,536 Ps. 6,404 Ps. 1,800 Ps. (8,352) Ps. 5,388 Parent Combined Wholly- Combined non-guarantor Eliminations Consolidated Condensed consolidating statements of For the nine-months periods ended September 30, 2018 Consolidated net income (loss) Ps. 8,201 Ps. 10,874 Ps. 7,864 Ps. (18,045 ) Ps. 8,894 Other comprehensive income, net of taxes: Other comprehensive income to be reclassified to profit or loss in subsequent periods: Valuation of the effective portion of derivative financial instruments, net of taxes (410 ) (517 ) 1,028 (517 ) (416 ) Exchange differences on translation of foreign operations (8,192 ) (401 ) (13,798 ) 8,593 (13,798 ) Net other comprehensive income to be reclassified to profit or loss in subsequent periods: (8,602 ) (918 ) (12,770 ) 8,076 (14,214 ) Items not to be reclassified to profit or loss in subsequent periods: Other equity instruments — — — — — Remeasurements of the net defined benefit liability, net of taxes 135 (76 ) (88 ) 197 168 Net other comprehensive income not being reclassified to profit or loss in subsequent periods: 135 (76 ) (88 ) 197 168 Total comprehensive (loss) income, net of tax (8,467 ) Ps. (994 ) Ps. (12,858 ) Ps. 8,273 Ps. (14,046 ) Consolidated comprehensive income for the year, net of tax Ps. (266 ) Ps. 9,880 Ps. (4,994 ) Ps. (9,772 ) Ps. (5,152 ) Attributable to: Equity holders of the parent- continuing Ps. (266 ) Ps. 9,880 Ps. (1,344 ) Ps. (9,772 ) Ps. (1,502 ) Equity holders of the parent- discontinued — — (1,450 ) — (1,450 ) Non-controlling — — (1,211 ) — (1,211 ) Non-controlling — — (989 ) — (989 ) Consolidated comprehensive income for the year, net of tax Ps. (266 ) Ps. 9,880 Ps. (4,994 ) Ps. (9,772 ) Ps. (5,152 ) Parent Combined Wholly-owned Guarantors Subsidiaries Combined non-guarantor Subsidiaries Eliminations Consolidated Total Condensed Consolidated Statements of Cash Flows For the year ended Cash flows from operating activities: Income before income taxes. Ps. 9,442 Ps. 17,903 Ps. 10,122 Ps. (23,052 ) Ps. 14,415 Non-cash (12,021 ) (9,581 ) 8,986 23,052 10,436 Changes in working capital (224 ) 2,447 (1,559 ) (132 ) 532 Net cash flows (used in)/from operating activities (2,803 ) 10,769 17,549 (132 ) 25,383 Investing activities: Acquisition and mergers, net of cash acquired — — — — — Interest received 2,204 1,833 4,151 (7,280 ) 908 Acquisition of long-lived assets, net — (2,442 ) (3,946 ) — (6,388 ) Acquisition of intangible assets and other investing activities (4,148 ) 53 3,892 — (203 ) Investments in shares (52 ) (222 ) 3,815 (3,861 ) (320 ) Dividends received 11,942 868 1 (12,810 ) 1 Net cash flows used in investing activities 9,946 90 7,913 (23,951 ) (6,002 ) Financing activities: Proceeds from borrowings 9,400 — 1,471 — 10,871 Repayment of borrowings (14,082 ) — (1,605 ) — (15,687 ) Interest paid (2,507 ) (25 ) (7,735 ) 7,280 (2,987 ) Interest paid on leases — (99 ) — — (99 ) Payments of leases — (211 ) — (132 ) (343 ) Dividends paid (3,718 ) (9,151 ) (3,663 ) 12,810 (3,722 ) Proceeds from issuing shares — — — — — Other financing activities (1,619 ) 5,605 (8,642 ) 4,125 (531 ) Net cash flows (used in)/from financing activities (12,526 ) (3,881 ) (20,174 ) 24,083 (12,498 ) Net increase (decrease) in cash and cash equivalents (5,383 ) 6,978 5,288 — 6,883 Initial balance of cash and cash equivalents 16,529 1,026 6,172 — 23,727 Effects of exchange rate changes and inflation effects on the balance sheet of cash held in foreign currencies (88 ) (13 ) (279 ) — (380 ) Ending balance of cash and cash equivalents Ps. 11,058 Ps. 7,991 Ps. 11,181 Ps. — Ps. 30,230 Parent Combined Wholly- Combined non-guarantor Eliminations Consolidated Condensed Consolidated Statements of Cash flows from operating activities: Income before income taxes for continuing op. Ps. 7,755 Ps. 11,959 Ps. 10,422 Ps. (18,045 ) Ps. 12,091 Non-cash (9,488 ) (6,568 ) 10,780 18,045 12,769 Changes in working capital (46 ) (10,476 ) 4,286 — (6,236 ) Net cash flows (used in)/from operating activities for continuing operations (1,779 ) (5,085 ) 25,488 — 18,624 Income before taxes for discontinued operations — — 1,042 — 1,042 Operationactivities for discontinued operations — — (112 ) — (112 ) Investing activities: Acquisition and mergers, net of cash acquired — — (5,692 ) — (5,692 ) Interest received 2,199 1,552 3,552 (6,600 ) 703 Acquisition of long-lived assets, net — (2,301 ) (3,565 ) — (5,866 ) Acquisition of intangible assets and other investing activities 5,554 (48 ) (6,704 ) — (1,198 ) Investments in shares (9,474 ) (1,832 ) (4,260 ) 15,363 (203 ) Dividends received 4,816 512 — (5,327 ) 1 Net cash flows (used in)/from investing activities for continuing operations 3,095 (2,117 ) (16,669 ) 3,436 (12,255 ) Net cash flows (used in)/from investing activities for discontinued operations — — (397 ) — (397 ) Financing activities: Proceeds from borrowings 10,200 — 2,766 — 12,966 Repayment of borrowings (54 ) — (4,257 ) — (4,311 ) Interest paid (2,473 ) (25 ) (7,113 ) 6,599 (3,012 ) Interest paid on leases — — — — — Payments of leases — — — — — Dividends paid (3,529 ) (4,434 ) (894 ) 5,328 (3,529 ) Increase in capital stock — 1,830 — (1,830 ) — Other financing activities (755 ) 9,786 4,636 (15,362 ) (1,695 ) Net cash flows (used in)/from financing activities in continuing operations 3,389 7,157 (4,862 ) (5,265 ) 419 Net cash flows (used in)/from financing activities — — (138 ) — (138 ) Net (decrease) increase in cash and cash equivalents 4,705 (45 ) 3,957 (1,829 ) 6,788 Net (decrease) increase in cash and cash equivalents for discontinued operations — — 395 — 395 Initial balance of cash and cash equivalents 7,017 926 10,824 — 18,767 Effects of exchange rate changes and inflation effects on the balance sheet of cash held in foreign currencies 15 44 (1,617 ) — (1,558 ) Cash and cash equivalents at the end of the period discontinued operations — — (5,917 ) — (5,917 ) Ending balance of cash and cash equivalents Ps. 11,737 Ps. 925 Ps. 7,642 Ps. (1,829) Ps. 18,475 |
Explanation of the seasonality
Explanation of the seasonality or cyclical nature of intermediate operations | 9 Months Ended |
Sep. 30, 2019 | |
Explanation of the seasonality or cyclical nature of intermediate operations [abstract] | |
Explanation of the seasonality or cyclical nature of intermediate operations | Note 25. Explanation of the seasonality or cyclical nature of intermediate operations The Company’s operation results are subject to seasonality. In general, business units net sales increases during summer and winter seasons during holidays. In Mexico, Central America and Colombia, the Company reaches highest’s net sales levels during summer from April to August, as well as in December due to holidays. In Brazil, Uruguay and Argentina, highest’s net sales levels occur during summer from October to March and in December. Our operational results reflects seasonality, but includes also, among others, economic conditions and weather. Due to above mentioned, the Company’ quarterly operation results can be neither consider as an isolate indicator of the full year results nor historical operation results as an isolate indicator of the forecast results. For the nine-month period ended September 30, 2019 and 2018, there are not significant impacts on the Company’s operations results due to seasonality. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Subsequent Events | Note 26. Subsequent Events Tax Reform O The most relevant changes are: 1) Taxpayers will be limited to a net interest deduction equal to 30 20,000,000 non-deductible 10 1.17 25 Company is currently analyzing thi s Cash dividend payment On November 1, 2019, the Company’s paid second part of cash dividend approved on March 14, 2019, for an amount of Ps. 3,722 . Favorable Resolution of Arbitration in Brazil On October 31, 2019, the arbitration tribunal in charge of the arbitration proceeding between us and Cervejarias Kaiser Brasil, S.A., a subsidiary of Heineken, N.V. (“Kaiser”), issued an award confirming that the distribution agreement pursuant to which we distribute Kaiser’s portfolio in the country, including Heineken beer, shall continue in full force and effect until and including March 19, 2022. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Foreign currencies and consolidation of foreign subsidiaries, investments in associates and joint ventures | The accounting policies that were applied to these consolidated condensed interim financial statements as of and for the nine-month period The translation of assets and liabilities denominated in foreign currencies into Mexican pesos is for consolidation purposes and does not indicate that the Company could realize or settle the reported value of those assets and liabilities in Mexican pesos. Additionally, this does not indicate that the Company could return or distribute the reported Mexican peso value in equity to its shareholders. Exchange Rates of Local Currencies Translated to Mexican (1) Functional Average Exchange Rate as of Exchange Rate as of Country or Zone Recording Currency September 30, September 30, September 30, December 31, Mexico Mexican peso 1.00 1.00 1.00 1.00 Guatemala Quetzal 2.50 2.55 2.54 2.54 Costa Rica Colon 0.03 0.03 0.03 0.03 Panama U.S. dollar 19.25 19.04 19.64 19.68 Colombia Colombian peso 0.01 0.01 0.01 0.01 Nicaragua Cordoba 0.58 0.61 0.59 0.61 Argentina Argentine peso 0.44 0.80 0.34 0.52 Brazil Reais 4.96 5.32 4.72 5.08 Philippines Philippin peso NA 0.36 NA 0.37 Uruguay Uruguayan peso 0.56 0.63 0.53 0.61 (1) Exchange rates published by the Central Bank of each country where the Company operates. |
Recognition of the effects of inflation in countries with hyperinflationary economic environments | 3.1 Recognition of the effects of inflation in countries with hyperinflationary economic environments The Company recognizes the effects of inflation on the financial information of its subsidiaries that operates in hyperinflationary economic environments (when cumulative inflation of the three preceding years is approaching, or exceeds, 100% or more in addition to other qualitative factors). As of September 30, 2019 and December 31, 2018, the operations of the Company are classified as follows: Country Cumulative Inflation 2016-2019 Type of Economy Cumulative Inflation 2015-2018 Type of Economy Mexico 15.1 % Non-hyperinflationary 15.7 % Non-hyperinflationary Guatemala 10.3 % Non-hyperinflationary 12.2 % Non-hyperinflationary Costa Rica 6.0 % Non-hyperinflationary 5.7 % Non-hyperinflationary Panama 0.9 % Non-hyperinflationary 2.1 % Non-hyperinflationary Colombia 11.6 % Non-hyperinflationary 13.4 % Non-hyperinflationary Nicaragua 15.8 % Non-hyperinflationary 13.1 % Non-hyperinflationary Argentina 166.2 % Hyperinflationary 158.4 % Non-hyperinflationary Brazil 10.0 % Non-hyperinflationary 13.1 % Non-hyperinflationary Philippines NA Non-hyperinflationary 11.9 % Non-hyperinflationary Uruguay 23.9 % Non-hyperinflationary 25.3 % Non-hyperinflationary |
Leases | 3.2 Leases In accordance with IFRS 16, the Company evaluates whether a contract is, or contains a lease when the contract transfers the right to control the control of an identified asset during a period of time in exchange for a consideration. The Company evaluates whether a contract is a lease agreement when: • The contract involves the use of an identified asset—this can be specified explicitly or implicitly, and must be physically different or represent substantially the entire capacity of a physically different asset. If the lessor has substantive substitution rights, the asset is not identified; • The Company has the right to receive substantially all the economic benefits of the use of the asset throughout the period of use; • The Company has the right to direct the use of the asset when it has the right to make the most relevant decisions about how, and what is the purpose of the asset. When the use of the asset is predetermined, the Company has the right to direct the use of the asset if: i) it has the right to operate the asset; or ii) the default asset design determine for what purpose it will be use. Initial measurement On the start date of the lease, the Company recognizes a right-of-use-asset right-of-use right-of-use The lease liability is initially measured at the present value of future lease payments for the period remaining at the date of initial application. Such payments are discounted using the incremental rate of the Company, which is considered as the rate that the Company would have to pay for a similar period financing, and with a similar guarantee, to obtain an asset of similar value to the leased asset. For the Company, the discount rate used to measure the right-of-use Lease payments included in the measurement of the lease liability include the following: • Fixed payments, including payments that are substantially fixed; • Variable lease payments that depends of an index or a rate, initially measured using the index or the rate as of the lease beginning date; • The price related to a purchase option that the Company has reasonable exercising certainty, an option to extend the contractual agreement and penalties for early termination of the lease agreement, unless the Company has reasonable certainty of not exercising those options. • Amounts payable for residual value guarantees; • Payments for early cancellation, if this option is contemplated on the lease conditions. The Company does not recognize a right-of-use low-value Subsequent Measurement The right-of-use right-of-use right-of-use Lease liabilities are subsequently measured at amortized cost using the effective interest rate method. The Company re-measures • An option to extend or terminate the agreement is exercised by modifying the non-cancelable • The Company changes its assessment of whether it will exercise a purchase option. When the lease liability is measured again, an adjustment is made corresponding to the carrying amount of the asset by right of use, or is recorded in profit or loss if the carrying amount of the asset by right of use has been reduced to zero. A modification to the lease agreement is accounted for as a separate agreement if the following two conditions are met: i) The modification increases the scope of the lease by adding the right to use one or more underlying assets; and ii) The consideration of the lease is increased by an amount proportional to the independent price of the increase in scope and by any adjustment to that independent price to reflect the contract circumstances. In the consolidated statements of income and comprehensive income, the interest expense of the lease liability is presented as a component of the financial expense, unless they are directly attributable to qualified assets, in which case they are capitalized according to the Company financing cost accounting policy. The right-of-use Improvements in leased properties are recognized as part of property, plant and equipment in the consolidated statement of financial position and amortized using the straight-line method, for the shortest period between the useful life of the asset and the term of the related lease. |
Basis of Preparation (Tables)
Basis of Preparation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Summary of Reconciliation to discounted the operating lease commitments | Measuring lease liabilities for leases that were classified as operating leases, the following is a reconciliation to discounted the operating lease commitments as of December 31, 2018 to the lease liability recognized upon adoption of IFRS 16: As of January 1, Operating lease commitments as of December 31, 2018 Ps. 2,455 Discounted operating lease commitments 1,976 Less: Commitments relating to short-term leases and low-value (179 ) Add: Commitments relating to leases previously classified as finance leases — Lease liabilities at the beginning of the period Ps. 1,797 As of the date of the adoption , . |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Disclosure of Exchange Rates of Local Currencies Translated to Mexican Pesos | The translation of assets and liabilities denominated in foreign currencies into Mexican pesos is for consolidation purposes and does not indicate that the Company could realize or settle the reported value of those assets and liabilities in Mexican pesos. Additionally, this does not indicate that the Company could return or distribute the reported Mexican peso value in equity to its shareholders. Exchange Rates of Local Currencies Translated to Mexican (1) Functional Average Exchange Rate as of Exchange Rate as of Country or Zone Recording Currency September 30, September 30, September 30, December 31, Mexico Mexican peso 1.00 1.00 1.00 1.00 Guatemala Quetzal 2.50 2.55 2.54 2.54 Costa Rica Colon 0.03 0.03 0.03 0.03 Panama U.S. dollar 19.25 19.04 19.64 19.68 Colombia Colombian peso 0.01 0.01 0.01 0.01 Nicaragua Cordoba 0.58 0.61 0.59 0.61 Argentina Argentine peso 0.44 0.80 0.34 0.52 Brazil Reais 4.96 5.32 4.72 5.08 Philippines Philippin peso NA 0.36 NA 0.37 Uruguay Uruguayan peso 0.56 0.63 0.53 0.61 (1) Exchange rates published by the Central Bank of each country where the Company operates. |
Disclosure of Recognition of Effects of Inflation in Countries with Hyperinflationary Economic Environments | As of September 30, 2019 and December 31, 2018, the operations of the Company are classified as follows: Country Cumulative Inflation 2016-2019 Type of Economy Cumulative Inflation 2015-2018 Type of Economy Mexico 15.1 % Non-hyperinflationary 15.7 % Non-hyperinflationary Guatemala 10.3 % Non-hyperinflationary 12.2 % Non-hyperinflationary Costa Rica 6.0 % Non-hyperinflationary 5.7 % Non-hyperinflationary Panama 0.9 % Non-hyperinflationary 2.1 % Non-hyperinflationary Colombia 11.6 % Non-hyperinflationary 13.4 % Non-hyperinflationary Nicaragua 15.8 % Non-hyperinflationary 13.1 % Non-hyperinflationary Argentina 166.2 % Hyperinflationary 158.4 % Non-hyperinflationary Brazil 10.0 % Non-hyperinflationary 13.1 % Non-hyperinflationary Philippines NA Non-hyperinflationary 11.9 % Non-hyperinflationary Uruguay 23.9 % Non-hyperinflationary 25.3 % Non-hyperinflationary |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents at the end of the reporting period as shown in the condensed consolidated statements of financial position and cash flows is comprised of the following: September 30, December 31, Cash and bank balances Ps. 3,408 Ps. 7,778 Cash equivalents 26,822 15,949 Ps. 30,230 Ps. 23,727 |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Disclosure of Accounts Receivable, Net | As of September 30, 2019 and December 31, 2018, Company’s trade accounts receivables, net are as follows: September 30, December 31, Trade receivables Ps. 7,780 Ps. 11,726 The Coca-Cola Company (related party) (Note 13) 721 1,173 Loans to employees 94 77 FEMSA and subsidiaries (related parties) (Note 13) 1,278 783 Other related parties (Note 13) 609 575 Other 1,317 1,108 Allowance for expected credit losses (839 ) (595 ) Ps. 10,960 Ps. 14 , |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Schedule of Property, Plant and Equipment, Net | As of September 30, 2019 and December 31, 2018, Company’s property, plant and equipment, net are as follows: September 30, December 31, Land Ps. 5,272 Ps. 5,575 Buildings 14,112 14,361 Machinery and equipment 20,520 21,496 Refrigeration equipment 9,445 9,757 Returnable bottles 5,783 6,043 Investments in fixed assets in progress 3,584 4,131 Leasehold improvements 373 203 Others 316 376 Ps. 59,405 Ps. 61,942 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Presentation of leases for lessee [abstract] | |
Schedule of Company's right-of-use asset | For the nine-month period ended as of September 30, 2019, the change in the Company’s right-of-use Cost as of January 1, 2019 Ps. 1,797 Additions 54 Disposals (15 ) Depreciation (388 ) Effects of changes in foreign exchange rates (90 ) Ps. 1,358 |
Schedule of Company's lease liabilities | As of September 30, 2019, Company’s lease liabilities, are as follows : September 30, Maturity analysis – Less than one year Ps. 471 One to three years 716 More than three years 197 Total lease liabilities at September 30, 2019 1,384 Current 471 Non-Current Ps. 913 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Disclosure of intangible assets and goodwill | Company’s intangible assets are as follows: September 30, December 31, Rights to produce and distribute Coca-Cola trademark products Ps. 82,364 Ps. 87,617 Goodwill 25,535 23,729 Other indefinite lived intangible assets 1,001 1,054 Technology cost and management systems 2,263 2,998 Systems in development 752 777 Others 549 629 Ps. 112,464 Ps. 116,804 |
Summary of allocation for amortization expense | For the nine-month period ended September 30, 2019 and 2018, allocation for amortization expense is as follows: September 30, September 30, Cost of goods sold Ps. 20 Ps. 23 Administrative expenses 588 509 Selling expenses 185 174 Ps. 793 Ps. 706 |
Bank Loans and Notes Payables (
Bank Loans and Notes Payables (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Summary of Detailed Information About Borrowings | As of September 30, 2019, Company’s bank loans and notes payable are as follows: (In millions of 2020 2021 2022 2023 2024 2025 following years Carrying Value as September 2019 Fair Value as of September 2019 Carrying Short-term debt Argentine pesos Bank loans Ps. 136 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 136 Ps. 122 Ps. 157 Interest rate 63.50 % — — — — — 63.50 % — 36.75 % Uruguayan pesos Bank loans — — — — — — — — 771 Interest rate — — — — — — — — 9.96 % Subtotal 136 — — — — — 136 122 928 Variable rate debt: Colombian pesos Bank loans 426 — — — — — 426 425 454 Interest rate 4.68 % — — — — — 4.68 % — 5.58 % Argentine pesos Bank loans 34 — — — — — 34 33 — Interest rate 75.27 % — — — — — 75.27 % — — Subtotal 460 — — — — — 460 458 454 Short-term debt 596 — — — — — 596 580 1,382 Long-term debt: Fixed rate debt: U.S. Dollar Yankee bond 9,813 — — 17,537 — 11,791 39,141 43,644 39,204 Interest rate 4.63 % — — 3.88 % — 5.25 % 4.48 % — 4.48 % Brazilian reals Notes Payable (2) 4,641 — — — — — 4,641 4,641 4,653 Interest rate 0.38 % — — — — — 0.38 % — 0.38 % Bank loans 135 95 58 37 24 1 350 349 522 Interest rate 6.03 % 6.03 % 6.03 % 6.03 % 6.03 % 6.03 % 6.03 % — 5.95 % Mexican pesos Senior notes — 2,499 — 7,496 — 8,488 18,483 18,131 18,481 Interest rate — 8.27 % — 5.46 % — 7.87 % 6.95 % — 6.95 % Uruguayan pesos Bank loans 502 821 — — — — 1,323 1,323 573 Interest rate 10.15 % 9.42 % — — — — 9.70 % — 10.15 % U.S. Dollar Financial leasings 3 — — — — — 3 — 10 Interest rate 3.28 % 3.28 % 3.28 % Subtotal 15,094 3,415 58 25,070 24 20,280 63,941 68,088 63,443 Variable rate debt: Mexican pesos Senior notes — — 1,497 — — — 1,497 1,389 1,497 Interest rate — — 8.44 % — — — 8.44 % — 8.61 % Bank loans — — — — 338 9,062 9,400 9,400 10,100 Interest rate — — — — 8.85 % 8.66 % 8.67 % — 8.56 % U.S. Dollar Bank loans — — — — — — — — 4,025 Interest rate — — — — — — — — 3.34 % Colombian pesos Bank loans 794 — — — — — 794 794 848 Interest rate 5.55 % — — — — — 5.55 % — 5.67 % Brazilian reals Bank loans 215 71 6 — — — 292 292 505 Interest rate 8.64 % 8.64 % 8.64 % — — — 8.64 % — 9.53 % Notes Payable — — — — — — — — 5 Interest rate — — — — — — — — 0.40 % Subtotal 1,009 71 1,503 — 338 9,062 11,983 11,875 16,980 Long - 16,103 3,486 1,561 25,070 362 29,342 75,924 79,963 80,423 Current portion of long 16,103 — — — — — 16,103 — 10,222 Long-term debt — 3,486 1,561 25,070 362 29,342 59,821 79,963 70,201 (1) All interest rates shown in this table are weighted average contractual annual rates. (2) Promissory note denominated and payable in Brazilian reais; however, it is linked to the performance of the exchange rate between the Brazilian real and the U.S. dollar. As a result, the principal amount under the promissory note may be increased or reduced based on the depreciation or appreciation of the Brazilian real relative to the U.S. dollar. |
Summary of Interest Expense | For the nine-month period ended September 30, 2019 and 2018, the interest expense is comprised as follows: September 30, 2019 September 30, Interest on debts and borrowings Ps. 3,337 Ps. 3,389 Finance charges for employee benefits 150 142 Derivative instruments 1,499 1,710 Finance charges for leases 99 — Finance operating charges 150 220 Ps. 5,235 Ps. 5,461 |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Summary of Other Income and Expenses | September 30, September 30, Other income Gain on sale of long-lived assets Ps. 269 Ps. 190 Cancellation of contingencies 84 116 Leases 6 — Foreign exchange gain related to operating activities 6 96 Tax actualization effect s 896 (1) — Other — 5 Ps. 1,261 Ps. 407 Other expens es Provisions for contingencies Ps. 627 Ps. 619 Loss on the retirement of long-lived assets 198 82 Loss on sale of long-lived assets 231 127 Severance payments 1,058 (2) 99 Donations 11 117 Leases 6 — Other 99 200 Ps. 2,230 Ps. 1,244 (1) Following a favorable decision from Brazilian tax authorities received during 2019, Coca-Cola FEMSA has been entitled to reclaim indirect in the revenues captions of the condensed consolidated income statements (2) During 2019 , in restructu r |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Statement [LineItems] | |
Summary of Financial Assets and Liabilities Measured at Fair Value | The following table summarizes the Company’s financial assets and liabilities measured at fair value, as of September 30, 2019 and December 31, 2018 : September 30, December 31, Level 1 Level 2 Level 1 Level 2 Derivative financial instrument asset 21 2,176 — 2,605 Derivative financial instrument liability 205 1,244 236 881 |
Summary of Outstanding Interest Rate Swap Agreements | As of September 30, 2019, the Company has the following outstanding interest rate swap agreements: Maturity Date Notional Fair Value Liability Fair Value Asset September 30, 2019 2019 Ps. 4,004 Ps. (40 ) Ps. — 2020 4,548 (189 ) — As of December 31, 2018, the Company has the following outstanding interest rate swap agreements: Maturity Date Notional Fair Value Liability Fair Value Asset December 31, 2018 2019 Ps. 4,013 Ps. (49 ) Ps. — 2020 4,559 (112 ) — 2021 4,035 (110 ) — |
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency | As of September 30, 2019, the Company had the following outstanding forward agreements to purchase foreign currency: Maturity Date Notional Fair Value Liability Fair Value Asset September 30, 2019 2019 Ps. 3,301 Ps. (31 ) Ps. 83 2020 4,323 (17 ) 58 As of December 31, 2018, the Company had the following outstanding forward agreements to purchase foreign currency: Maturity Date Notional Fair Value Liability Fair Value Asset December 31, 2018 2019 Ps. Ps. (66 ) Ps. 109 |
Disclosure of Outstanding Call Options to Purchase Foreign Currency | As of September 30, 2019, the Company paid a net premium of Ps. 9 million for the following outstanding collar options to purchase foreign currency: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 245 Ps. (2 ) Ps. 9 2020 112 — 8 At December 31, 2018, the Company paid a net premium of Ps. 43 million for the following outstanding collar options to purchase foreign currency: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 1,734 Ps. (33 ) Ps. 57 |
Disclosure of Outstanding Cross Currency Swap Agreements | At September 30, 2019, the Company had the following outstanding cross – currency swap agreements: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 4,641 Ps. — Ps. 815 2020 14,366 (174 ) 1,125 2023 11,193 (247 ) 25 2027 6,873 (545 ) 54 As of December 31, 2018, the Company had the following outstanding cross – currency swap agreements: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 4,652 Ps. Ps. 498 2020 14,400 (79 ) 969 2021 4,035 — 586 2023 11,219 (390 ) 135 2027 6,889 (42 ) 202 |
Disclosure of Fair Value of Commodity Price Contracts | As of September 30, 2019, Coca-Cola FEMSA had the following sugar price contracts: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 922 Ps. (65 ) Ps. 4 2020 1,018 (21 ) 10 As of December 31, 2018, Coca-Cola FEMSA had the following sugar price contracts: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 1,223 (88 ) — As of September 30, 2019, Coca-Cola FEMSA had the following aluminum price contracts: Maturity Date Notional Amount Fair Value Liability September 2019 Fair Value Asset September 30, 2019 Ps. 223 Ps. (23 ) Ps. — 2020 255 (10 ) — As of December 31, 2018, Coca-Cola FEMSA had the following aluminum price contracts: Maturity Date Notional Amount Fair Value Liability December 31, 2018 Fair Value Asset December 31, 2019 Ps. 265 (17 ) — As of September 30, 2019, Coca-Cola FEMSA had the following PX+MEG contracts: Maturity Date Notional Amount Fair Value Liability September 30, 2019 Fair Value Asset September 30, 2019 Ps. 333 Ps. (76 ) Ps. — 2020 333 (9 ) 5 As of December 31, 2018, Coca-Cola FEMSA had the following PX+MEG contracts: Maturity Date Notional Fair Value Liability Fair Value Asset 2019 Ps. 1,303 (131 ) — |
Non-Controlling Interest in C_2
Non-Controlling Interest in Consolidated Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Summary of Non Controlling Interest in Consolidated Subsidiaries | An analysis of non-controlling September 30, 2019 December 31, 2018 Mexico Ps. 5,612 Ps. 5,700 Colombia 20 21 Brazil 1,027 1,085 Ps. 6,659 Ps. 6,806 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Summary of Capital Stock Prior To and Immediately After Stock Split | The capital stock of the Company prior to and immediately after the s s Outstanding shares prior to the Stock Split: Series of shares Shareholders Outstanding shares % of the capital stock % of ordinary shares with full voting rights A Wholly-owned subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. 992,078,519 47.223 % 62.964 % D Wholly-owned subsidiaries of The Coca-Cola Company 583,545,678 27.777 % 37.036 % L Public float 525,208,065 25.0 % 0 % Total 2,100,832,262 100 % 100 % Outstanding shares after the Stock Split: Series of shares Shareholders Outstanding shares % of the capital stock % of ordinary shares with full voting rights A Wholly-owned subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. 7,936,628,152 47.223 % 55.968 % D Wholly-owned subsidiaries of The Coca-Cola Company 4,668,365,424 27.777 % 32.921 % B Public float 1,575,624,195 9.375 % 11.11 % L Public float 2,626,040,325 15.625 % 0 % Total 16,806,658,096 100 % 100 % |
Summary of Basic and Diluted Earnings per Share | Basic and diluted earnings per share amounts are as follows: 2019 Per Series Per Series Per Series Per Series Consolidated net income Ps. 4,768 Ps. 2,804 Ps. 946 Ps. 1,577 Consolidated net income attributable to equity holders of the parent- 4,768 2,804 946 1,577 Weighted average number of shares for basic earnings per share (millions of shares) 7,937 4,668 1,576 2,626 2018 (1) Per Series Per Series Per Series Per Series Consolidated net income Ps. 3,873 Ps. 2,278 Ps. 769 Ps. 1,281 Consolidated net income attributable to equity holders of the parent- 3,719 2,188 739 1,231 Consolidated net income attributable to equity holders of the parent- 153 90 30 51 Weighted average number of shares for basic earnings per share (millions of shares) 7,937 4,668 1,576 2,626 (1) The allocated earnings amounts for 2018 have been revised for the effect of the stock split. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Summary of Major Components of Income Tax Expense | For the nine-month period ended Septembe r 30, 2019 and 2018, the major components of income tax expense are: September 30, 2019 September 30, 2018 Current tax expense Ps. 4,448 Ps. 3,536 Deferred tax expense: (495 ) 237 Ps. 3,953 Ps. 3,773 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue [abstract] | |
Revenue Recognition | Sources of revenue For the nine- For the nine- Revenue sale of products Ps. 140,571 Ps. 130,252 Services rendered 314 276 Other operating revenues 1,619 (1) 49 Revenue from contracts with customers Ps. 142,504 Ps. 130,577 (1) Related tax effect in Brazil – See Note 15. |
Other Liabilities, Provisions_2
Other Liabilities, Provisions and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Schedule of Provisions Recorded in Consolidated Statement of Financial Position | The following table presents the nature and amount of the contingencies recorded as of September 30, 2019 and December 31, 2018: September 30, December 31, 2018 Taxes Ps. 4,653 Ps. 5,038 Labor 2,332 2,340 Legal 942 920 Total Ps. 7,927 Ps. 8,298 |
Information by segment (Tables)
Information by segment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Summary of Segment Disclosure for Company's Consolidated Operations | Selected information of the condensed consolidated statements of operations by geographic operating segment for the nine-month period ended as of September 30, 2019 and 2018 is as follows: 2019 Mexico and Central (1) South (2) Consolidated Total revenues Ps. 81,996 Ps. 60,508 Ps. 142,504 Intercompany revenues 4,194 12 4,206 Gross profit 39,335 25,139 64,474 Income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method 9,535 4,975 14,510 Depreciation and amortization 4,436 3,056 7,492 Non-cash (3) 845 348 1,193 Equity in earnings (loss) of associated companies and joint ventures (156 ) 61 (95 ) Total assets 150,026 112,674 262,700 Investments in associate companies and joint ventures 7,002 3,585 10,587 Total liabilities (99,208 ) (33,791 ) (132,999 ) Capital expenditures, net (4) 3,698 2,983 6,681 2018 Mexico and Central (1) South America (2) Consolidated Total revenues Ps. 74,738 Ps. 55,839 Ps. 130,577 Intercompany revenues 4,194 (42 ) 4,152 Gross profit 35,930 24,220 60,150 Income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method 6,659 5,593 12,252 Depreciation and amortization 4,087 2,798 6,885 Non-cash (3) 813 108 921 Equity in earnings (loss) of associated companies and joint ventures (206 ) 45 (161 ) Total assets 147,748 116,039 263,787 Investments in associate companies and joint ventures 6,789 3,729 10,518 Total liabilities 96,525 35,512 132,037 Capital expenditures, net (4) 4,420 2,700 7,120 (1) Central America includes Guatemala, Nicaragua, Costa Rica and Panama. Domestic (Mexico only) revenues were Ps. 68,750 and Ps. 63,430 during the nine-month period ended September 30, 2019 and 2018, respectively. Domestic (Mexico only) total assets were Ps. 134,802 and Ps. 130,865 as of September 30, 2019 and December 31, 2018, respectively. Domestic (Mexico only) total liabilities were Ps. 111,991 and Ps. 92,340 as of September 30, 2019 and December 31, 2018, respectively. (2) South America includes Brazil, Argentina, Colombia and Uruguay. South America revenues include Brazilian revenues of Ps. 39,090 and Ps. 43,586 during the nine-month period ended September 30, 2019 and 2018, respectively. Brazilian total assets were Ps. 80,657 and Ps. 86,007 as of September 30, 2019 and December 31, 2018, respectively. Brazilian total liabilities Ps. 24,252 and Ps. 26,851 as of September 30, 2019 and December 31, 2018, respectively. South America revenues also include Colombian revenues of Ps. 9,888 and Ps. 10,790 during the nine-month period ended September 30, 2019 and 2018, respectively. Colombian total assets were Ps. 18,536 and Ps. 17,626 as of September 30, 2019 and December 31, 2018, respectively. Colombian total liabilities were PS. 4,264 and Ps. 4,061 as of September 30, 2019 and December 31, 2018, respectively. South America revenues also include Argentine revenues Ps. 5,172 and Ps. 4,619 during the nine-month period ended September 30, 2019 and 2018, respectively. Argentine total assets were Ps. 4,274 and Ps. 6,021 as of September 30, 2019 and December 31, 2018, respectively. Argentine total liabilities were Ps. 1,519 and Ps. 2,059 as of September 30, 2019 and December 31, 2018, respectively. South America revenues also include Uruguay revenues Ps. 2,415 during the nine-month period ended September 30, 2019. Uruguay total assets were Ps. 5,935 and Ps. 6,385 as of September 30, 2019 and December 31, 2018, respectively. Uruguay total liabilities were Ps. 2,387 and Ps. 2,541 as of September 30, 2019 and December 31, 2018, respectively. (3) Includes foreign exchange loss, net; gain on monetary position, net; and market value (gain) loss on financial instruments. (4) Includes acquisitions and disposals of property, plant and equipment, intangible assets and other long-lived assets. |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text block [abstract] | |
Consolidated Statement of Financial Position | Parent Combined Wholly-owned Guarantors Subsidiaries Combined non-guarantor Subsidiaries Eliminations Consolidated Total Consolidated Statement of Financial Position As of September 30, 2019 Assets: Current assets: Cash and cash equivalents Ps. 11,058 Ps. 7,991 Ps. 11,181 Ps. — Ps. 30,230 Accounts receivable, net 20,120 26,830 56,995 (92,985 ) 10,960 Inventories — 1,728 7,929 — 9,657 Recoverable taxes 232 1,290 6,300 — 7,822 Other current assets 290 211 2,838 — 3,339 Total current assets 31,700 38,050 85,243 (92,985 ) 62,008 Non-current Investments in other entities 155,036 146,495 3,604 (294,548 ) 10,587 Property, plant and equipment, net — 18,304 41,101 — 59,405 Rights of use assets — 635 723 — 1,358 Intangible assets, net 28,863 36,620 46,981 — 112,464 Deferred tax assets 3,923 1,838 3,808 — 9,569 Other non-current 22,769 6,214 20,726 (42,400 ) 7,309 Total non-current 210,591 210,106 116,943 (336,948 ) 200,692 Total assets Ps. 242,291 Ps. 248,156 Ps. 202,186 Ps. (429,933 ) Ps. 262,700 Liabilities: Current liabilities: Short-term bank loans and notes payable and current portion of non-current Ps. 9,814 Ps. — Ps. 6,885 Ps. — Ps. 16,699 Current portionof lease liabilities — 143 328 — 471 Interest Payable 972 — 21 — 993 Suppliers 7 10,566 7,254 (115 ) 17,712 Other current liabilities 35,669 39,874 37,740 (92,871 ) 20,412 Total current liabilities 46,462 50,583 52,228 (92,986 ) 56,287 Non-current Long-term debt 58,708 — 1,113 — 59,821 Long- lease liabilities — 493 420 — 913 Other non-current 14,081 36,703 7,594 (42,400 ) 15,978 Total non-current 72,789 37,196 9,127 (42,400 ) 76,712 Total liabilities 119,251 87,779 61,355 (135,386 ) 132,999 Equity: Equity attributable to equity holders of the parent 123,040 160,377 134,172 (294,547 ) 123,042 Non-controlling — — 6,659 0 6,659 Total equity 123,040 160,377 140,831 (294,547 ) 129,701 Total liabilities and equity Ps. 242,291 Ps. 248,156 Ps. 202,186 Ps. (429,933 ) Ps. 262,700 Parent Combined Wholly- owned Guarantors Subsidiaries Combined non-guarantor Subsidiaries Eliminations Consolidated Total Consolidated Statement of Financial Position As of December 31, 2018 Assets: Current assets: Cash and cash equivalents Ps. 16,529 Ps. 1,025 Ps. 6,173 Ps. — Ps. 23,727 Accounts receivable, net 19,388 31,461 51,028 (87,030 ) 14,847 Inventories — 2,717 7,334 — 10,051 Recoverable taxes 80 1,870 4,088 — 6,038 Other current assets — 170 2,657 — 2,827 Total current assets 35,997 37,243 71,280 (87,030 ) 57,490 Non-current Investments in other entities 160,014 131,357 3,766 (284,619 ) 10,518 Property, plant and equipment, net — 18,378 43,564 — 61,942 Intangible assets, net 27,824 36,361 52,619 — 116,804 Deferred tax assets 3,043 1,807 3,588 — 8,438 Other non-current 19,060 6,282 25,149 (41,896 ) 8,595 Total non-current 209,941 194,185 128,686 (326,515 ) 206,297 Total assets Ps. 245,938 Ps. 231,428 Ps. 199,966 Ps. (413,545 ) Ps. 263,787 Liabilities: Current liabilities: Short-term bank loans and notes payable and current portion of non-current Ps. 4,700 Ps. — Ps. 6,904 Ps. — Ps. 11,604 Interest Payable 477 — 20 — 497 Suppliers 11 2,531 17,257 (53 ) 19,746 Other current liabilities 32,909 82,359 (14,614 ) (86,977 ) 13,677 Total current liabilities 38,097 84,890 9,567 (87,030 ) 45,524 Non-current Bank loans and notes payable 68,607 — 1,594 — 70,201 Other non-current 14,292 670 43,246 (41,896 ) 16,312 Total non-current 82,899 670 44,840 (41,896 ) 86,513 Total liabilities 120,996 85,560 54,407 (128,926 ) 132,037 Equity: Equity attributable to equity holders of the parent 124,942 145,868 138,753 (284,619 ) 124,944 Non-controlling — — 6,806 — 6,806 Total equity 124,942 145,868 145,559 (284,619 ) 131,750 Total liabilities and equity Ps. 245,938 Ps. 231,428 Ps. 199,966 Ps. (413,545 ) Ps. 263,787 |
Consolidated Statement of Income Statements | Parent Combined Wholly-owned Guarantors Subsidiaries Combined non-guarantor Subsidiaries Eliminations Consolidated Total Condensed consolidating income statements: For the nine-months periods ended September 30, 2019 Total revenues Ps. 1 Ps. 73,131 Ps. 113,751 Ps. (44,379 ) Ps. 142,504 Cost of goods sold 18 41,731 74,017 (37,736 ) 78,030 Gross profit (17 ) 31,400 39,734 (6,643 ) 64,474 Administrative expenses 612 2,600 5,730 (2,457 ) 6,485 Selling expenses — 17,553 24,577 (4,186 ) 37,944 Other expenses (income), net 1 351 617 — 969 Interest expense, net 3,476 2,858 (2,006 ) — 4,328 Foreign exchange loss (gain), net (553 ) 34 685 — 166 Other financing expense (income), net — — 72 — 72 Income taxes (653 ) 2,089 2,517 — 3,953 Share of the profit (loss) of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes 12,995 9,899 63 (23,052 ) (95 ) Consolidated Net income Ps. 10,095 Ps. 15,814 Ps. 7,605 Ps. (23,052 ) Ps. 10,462 Attributable to: Net income attributable to holders of the parent 10,095 15,814 7,238 (23,052 ) 10,095 Net income attributable to non-controlling — — 367 — 367 Consolidated Net income Ps. 10,095 Ps. 15,814 Ps. 7,605 Ps. (23,052 ) Ps. 10,462 Parent Combined Wholly- Guarantors Subsidiaries Combined non-guarantor Subsidiaries Eliminations Consolidated Total Condensed consolidating income statements: For the nine-months periods ended September 30, 2018 Total revenues Ps. 1 Ps. 77,484 Ps. 106,155 Ps. (53,063 ) Ps. 130,577 Cost of goods sold 18 49,272 66,375 (45,238 ) 70,427 Gross profit (17 ) 28,212 39,780 (7,825 ) 60,150 Administrative expenses 109 4,105 5,391 (3,663 ) 5,942 Selling expenses — 16,605 23,841 (4,163 ) 36,283 Other expenses (income), net 1 24 812 — 837 Interest expense, net 3,157 2,629 (1,028 ) 1 4,759 Foreign exchange loss (gain), net (461 ) 148 261 — (52 ) Other financing expense (income), net — — 129 — 129 Income taxes (446 ) 1,085 3,134 — 3,773 Share of the profit (loss) of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes 10,578 7,258 48 (18,045 ) (161 ) Net income from continuing operations Ps. 8,201 Ps. 10,874 Ps. 7,288 Ps. (18,045) Ps. 8,318 Net income after tax from discontinued operations Ps. — Ps. — Ps. 576 Ps. — Ps. 576 Consolidated Net income Ps. 8,201 Ps. 10,874 Ps. 7,864 Ps. (18,045) Ps. 8,894 Attributable to: Equity holders of the parent- continuing 8,201 10,874 6,847 (18,045 ) 7,877 Equity holders of the parent- discontinued. — — 324 — 324 Net income attributable to holders of the parent Non-controlling — — 441 — 441 Non-controlling — — 252 — 252 Net income attributable to non-controlling Consolidated Net income Ps. 8,201 Ps. 10,874 Ps. 7,864 Ps. (18,045) Ps. 8,894 |
Consolidated Statement of Comprehensive Income | Parent Wholly-owned Guarantors Subsidiaries Combined non-guarantor Subsidiaries Eliminations Consolidated Total Condensed consolidating statements of comprehensive income For the nine-months periods ended September 30, 2019 Consolidated net income Ps. 10,095 Ps. 15,814 Ps. 7,605 Ps. (23,052 ) Ps. 10,462 Other comprehensive income, net of taxes: Other comprehensive income to be reclassified to profit or loss in subsequent periods: Valuation of the effective portion of derivative financial instruments, net of taxes (472 ) 390 (782 ) 390 (474 ) Exchange differences on translation of foreign operations (4,039 ) (9,861 ) (4,552 ) 13,900 (4,552 ) Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods: (4,511 ) (9,471 ) (5,334 ) 14,290 (5,026 ) Items not to be reclassified to profit or loss in subsequent periods: Other equity instruments — — — — — Remeasurements of the net defined benefit liability, net of taxes (48 ) 61 (471 ) 410 (48 ) Net other comprehensive income not being reclassified to profit or loss in subsequent periods: (48 ) 61 (471 ) 410 (48 ) Total comprehensive (loss) income, net of tax (4,559 ) (9,410 ) (5,805 ) 14,700 (5,074 ) Consolidated comprehensive income for the year, net of tax Ps. 5,536 Ps. 6,404 Ps. 1,800 Ps. (8,352 ) Ps. 5,388 Attributable to: Equity holders of the parent Ps. 5,536 Ps. 6,404 Ps. 1,947 Ps. (8,352 ) Ps. 5,535 Non-controlling — — (147 ) — (147 ) Consolidated comprehensive income for the year, net of tax Ps. 5,536 Ps. 6,404 Ps. 1,800 Ps. (8,352 ) Ps. 5,388 Parent Combined o Combined non-guarantor Eliminations Consolidated Condensed consolidating statements of Consolidated net income (loss) Ps. 8,201 Ps. 10,874 Ps. 7,864 Ps. (18,045 ) Ps. 8,894 Other comprehensive income, net of taxes: Other comprehensive income to be reclassified to profit or loss in subsequent periods: Valuation of the effective portion of derivative financial instruments, net of taxes (410 ) (517 ) 1,028 (517 ) (416 ) Exchange differences on translation of foreign operations (8,192 ) (401 ) (13,798 ) 8,593 (13,798 ) Net other comprehensive income to be reclassified to profit or loss in subsequent periods: (8,602 ) (918 ) (12,770 ) 8,076 (14,214 ) Items not to be reclassified to profit or loss in subsequent periods: Other equity instruments — — — — — Remeasurements of the net defined benefit liability, net of taxes 135 (76 ) (88 ) 197 168 Net other comprehensive income not being reclassified to profit or loss in subsequent periods: 135 (76 ) (88 ) 197 168 Total comprehensive (loss) income, net of tax (8,467 ) Ps. (994 ) Ps. (12,858 ) Ps. 8,273 Ps. (14,046 ) Consolidated comprehensive income for the year, net of tax Ps. (266 ) Ps. 9,880 Ps. (4,994 ) Ps. (9,772 ) Ps. (5,152 ) Attributable to: Equity holders of the parent- continuing Ps. (266 ) Ps. 9,880 Ps. (1,344 ) Ps. (9,772 ) Ps. (1,502 ) Equity holders of the parent- discontinued — — (1,450 ) — (1,450 ) Non-controlling — — (1,211 ) — (1,211 ) Non-controlling — — (989 ) — (989 ) Consolidated comprehensive income for the year, net of tax Ps. (266 ) Ps. 9,880 Ps. (4,994 ) Ps. (9,772 ) Ps. (5,152 ) |
Consolidated Statement of Cash Flows | Parent Combined Wholly-owned Guarantors Subsidiaries Combined non-guarantor Subsidiaries Eliminations Consolidated Total Condensed Consolidated Statements of Cash Flows For the year ended Cash flows from operating activities: Income before income taxes. Ps. 9,442 Ps. 17,903 Ps. 10,122 Ps. (23,052 ) Ps. 14,415 Non-cash (12,021 ) (9,581 ) 8,986 23,052 10,436 Changes in working capital (224 ) 2,447 (1,559 ) (132 ) 532 Net cash flows (used in)/from operating activities (2,803 ) 10,769 17,549 (132 ) 25,383 Investing activities: Acquisition and mergers, net of cash acquired — — — — — Interest received 2,204 1,833 4,151 (7,280 ) 908 Acquisition of long-lived assets, net — (2,442 ) (3,946 ) — (6,388 ) Acquisition of intangible assets and other investing activities (4,148 ) 53 3,892 — (203 ) Investments in shares (52 ) (222 ) 3,815 (3,861 ) (320 ) Dividends received 11,942 868 1 (12,810 ) 1 Net cash flows used in investing activities 9,946 90 7,913 (23,951 ) (6,002 ) Financing activities: Proceeds from borrowings 9,400 — 1,471 — 10,871 Repayment of borrowings (14,082 ) — (1,605 ) — (15,687 ) Interest paid (2,507 ) (25 ) (7,735 ) 7,280 (2,987 ) Interest paid on leases — (99 ) — — (99 ) Payments of leases — (211 ) — (132 ) (343 ) Dividends paid (3,718 ) (9,151 ) (3,663 ) 12,810 (3,722 ) Proceeds from issuing shares — — — — — Other financing activities (1,619 ) 5,605 (8,642 ) 4,125 (531 ) Net cash flows (used in)/from financing activities (12,526 ) (3,881 ) (20,174 ) 24,083 (12,498 ) Net increase (decrease) in cash and cash equivalents (5,383 ) 6,978 5,288 — 6,883 Initial balance of cash and cash equivalents 16,529 1,026 6,172 — 23,727 Effects of exchange rate changes and inflation effects on the balance sheet of cash held in foreign currencies (88 ) (13 ) (279 ) — (380 ) Ending balance of cash and cash equivalents Ps. 11,058 Ps. 7,991 Ps. 11,181 Ps. — Ps. 30,230 Parent Combined owned Combined non-guarantor Eliminations Consolidated Condensed Consolidated Statements of Cash flows from operating activities: Income before income taxes for continuing op. Ps. 7,755 Ps. 11,959 Ps. 10,422 Ps. (18,045 ) Ps. 12,091 Non-cash (9,488 ) (6,568 ) 10,780 18,045 12,769 Changes in working capital (46 ) (10,476 ) 4,286 — (6,236 ) Net cash flows (used in)/from operating activities for continuing operations (1,779 ) (5,085 ) 25,488 — 18,624 Income before taxes for discontinued operations — — 1,042 — 1,042 Operationactivities for discontinued operations — — (112 ) — (112 ) Investing activities: Acquisition and mergers, net of cash acquired — — (5,692 ) — (5,692 ) Interest received 2,199 1,552 3,552 (6,600 ) 703 Acquisition of long-lived assets, net — (2,301 ) (3,565 ) — (5,866 ) Acquisition of intangible assets and other investing activities 5,554 (48 ) (6,704 ) — (1,198 ) Investments in shares (9,474 ) (1,832 ) (4,260 ) 15,363 (203 ) Dividends received 4,816 512 — (5,327 ) 1 Net cash flows (used in)/from investing activities for continuing operations 3,095 (2,117 ) (16,669 ) 3,436 (12,255 ) Net cash flows (used in)/from investing activities for discontinued operations — — (397 ) — (397 ) Financing activities: Proceeds from borrowings 10,200 — 2,766 — 12,966 Repayment of borrowings (54 ) — (4,257 ) — (4,311 ) Interest paid (2,473 ) (25 ) (7,113 ) 6,599 (3,012 ) Interest paid on leases — — — — — Payments of leases — — — — — Dividends paid (3,529 ) (4,434 ) (894 ) 5,328 (3,529 ) Increase in capital stock — 1,830 — (1,830 ) — Other financing activities (755 ) 9,786 4,636 (15,362 ) (1,695 ) Net cash flows (used in)/from financing activities in continuing operations 3,389 7,157 (4,862 ) (5,265 ) 419 Net cash flows (used in)/from financing activities — — (138 ) — (138 ) Net (decrease) increase in cash and cash equivalents 4,705 (45 ) 3,957 (1,829 ) 6,788 Net (decrease) increase in cash and cash equivalents for discontinued operations — — 395 — 395 Initial balance of cash and cash equivalents 7,017 926 10,824 — 18,767 Effects of exchange rate changes and inflation effects on the balance sheet of cash held in foreign currencies 15 44 (1,617 ) — (1,558 ) Cash and cash equivalents at the end of the period discontinued operations — — (5,917 ) — (5,917 ) Ending balance of cash and cash equivalents Ps. 11,737 Ps. 925 Ps. 7,642 Ps. (1,829 ) Ps. 18,475 |
Activities of the Company - Add
Activities of the Company - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Series L Ordinary Shares [Member] | |
Disclosure of Parent Entity Information [line items] | |
Percentage of ownership | 15.60% |
Series B Share [Member] | |
Disclosure of Parent Entity Information [line items] | |
Percentage of ownership | 9.40% |
Fomento Economico Mexicano S.A.B. de C.V. [member] | |
Disclosure of Parent Entity Information [line items] | |
Percentage of ownership | 47.20% |
Percentage of voting rights | 56.00% |
The Coca-Cola Company [member] | |
Disclosure of Parent Entity Information [line items] | |
Percentage of ownership | 27.80% |
Percentage of voting rights | 32.90% |
Basis of Preparation - Addition
Basis of Preparation - Additional Information (Detail) $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($)$ / $ExchangeRate | Sep. 30, 2019MXN ($)$ / $ExchangeRate | Jan. 01, 2019 | |
Disclosure of Detailed Information About Investment Property [line items] | |||
Exchange Rate | $ / $ | 19.7420 | 19.7420 | |
Increase decrease in foreign currency exchange rate | 3.42% | 3.42% | |
Expense relating to leases of low-value assets for which recognition exemption has been used | $ 5,000 | $ 5,000 | |
Weighted average incremental borrowing rate | 7.27% | ||
Foreign currency exchange [member] | |||
Disclosure of Detailed Information About Investment Property [line items] | |||
Exchange Rate | ExchangeRate | 19.0660 | 19.0660 |
Basis of Preparation - Summary
Basis of Preparation - Summary of Reconciliation to discounted the operating lease commitments (Detail) - MXN ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 |
Disclosure of basis of preparation of financial statements [abstract] | ||
Operating lease commitments | $ 2,455 | |
Discounted operating lease commitments | 1,976 | |
Less: Commitments relating to short-term leases and low-value assets | (179) | |
Add: Commitments relating to leases previously classified as finance leases | ||
Lease liabilities at the beginning of the period | $ 1,384 | $ 1,797 |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Average Exchange Rate (Detail) | 9 Months Ended | ||
Sep. 30, 2019$ / $ExchangeRate | Sep. 30, 2018ExchangeRate | Dec. 31, 2018ExchangeRate | |
Disclosure of foreign exchange rates [line items] | |||
Exchange Rate | $ / $ | 19.7420 | ||
Mexico, Pesos [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Average Exchange Rate | 1 | 1 | |
Exchange Rate | 1 | 1 | |
Guatemala, Quetzales | |||
Disclosure of foreign exchange rates [line items] | |||
Average Exchange Rate | 2.50 | 2.55 | |
Exchange Rate | 2.54 | 2.54 | |
Costa Rica, Colones | |||
Disclosure of foreign exchange rates [line items] | |||
Average Exchange Rate | 0.03 | 0.03 | |
Exchange Rate | 0.03 | 0.03 | |
Colombia, Pesos [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Average Exchange Rate | 0.01 | 0.01 | |
Exchange Rate | 0.01 | 0.01 | |
Nicaragua, Cordobas | |||
Disclosure of foreign exchange rates [line items] | |||
Average Exchange Rate | 0.58 | 0.61 | |
Exchange Rate | 0.59 | 0.61 | |
Argentina, Pesos [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Average Exchange Rate | 0.44 | 0.80 | |
Exchange Rate | 0.34 | 0.52 | |
Brazil, Brazil Real [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Average Exchange Rate | 4.96 | 5.32 | |
Exchange Rate | 4.72 | 5.08 | |
Philippin peso | |||
Disclosure of foreign exchange rates [line items] | |||
Average Exchange Rate | 0.36 | ||
Exchange Rate | 0.37 | ||
Uruguay, Pesos | |||
Disclosure of foreign exchange rates [line items] | |||
Average Exchange Rate | 0.56 | 0.63 | |
Exchange Rate | 0.53 | 0.61 | |
Panama [member] | United States of America, Dollars [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Average Exchange Rate | 19.25 | 19.04 | |
Exchange Rate | 19.64 | 19.68 |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) - Venezuela [member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Disclosure of changes in accounting estimates [line items] | ||
Cumulative inflation percentage | 100.00% | 100.00% |
Cumulative inflation period | Three years | Three years |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of cumulative inflation (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
2015-2018 [member] | Mexico [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 15.70% | |
Type of Economy | Non-hyperinflationary | |
2015-2018 [member] | Guatemala [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 12.20% | |
Type of Economy | Non-hyperinflationary | |
2015-2018 [member] | Costa Rica [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 5.70% | |
Type of Economy | Non-hyperinflationary | |
2015-2018 [member] | Panama [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 2.10% | |
Type of Economy | Non-hyperinflationary | |
2015-2018 [member] | Colombia [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 13.40% | |
Type of Economy | Non-hyperinflationary | |
2015-2018 [member] | Nicaragua [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 13.10% | |
Type of Economy | Non-hyperinflationary | |
2015-2018 [member] | Argentina [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 158.40% | |
Type of Economy | Non-hyperinflationary | |
2015-2018 [member] | Brazil [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 13.10% | |
Type of Economy | Non-hyperinflationary | |
2015-2018 [member] | Philippinnes [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 11.90% | |
Type of Economy | Non-hyperinflationary | |
2015-2018 [member] | Uruguay | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 25.30% | |
Type of Economy | Non-hyperinflationary | |
2016- 2019 [member] | Mexico [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 15.10% | |
Type of Economy | Non-hyperinflationary | |
2016- 2019 [member] | Guatemala [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 10.30% | |
Type of Economy | Non-hyperinflationary | |
2016- 2019 [member] | Costa Rica [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 6.00% | |
Type of Economy | Non-hyperinflationary | |
2016- 2019 [member] | Panama [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 0.90% | |
Type of Economy | Non-hyperinflationary | |
2016- 2019 [member] | Colombia [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 11.60% | |
Type of Economy | Non-hyperinflationary | |
2016- 2019 [member] | Nicaragua [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 15.80% | |
Type of Economy | Non-hyperinflationary | |
2016- 2019 [member] | Argentina [member] | Hyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 166.20% | |
Type of Economy | Hyperinflationary | |
2016- 2019 [member] | Brazil [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 10.00% | |
Type of Economy | Non-hyperinflationary | |
2016- 2019 [member] | Philippinnes [member] | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Type of Economy | Non-hyperinflationary | |
2016- 2019 [member] | Uruguay | Nonhyperinflationary [member] | ||
Disclosure Of Cumulative Inflation [line items] | ||
Cumulative inflation percentage | 23.90% | |
Type of Economy | Non-hyperinflationary |
Mergers, Acquisitions and Dis_2
Mergers, Acquisitions and Disposals - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Alimentos y Bebidas del Atlntico [member] | |
Disclosure of Detailed Information About Business Combination [Line Items] | |
Name of acquire | Alimentos y Bebidas del Atlántico, S.A. |
Business acquisition, percentage of voting equity interests acquired | 100.00% |
Comercializadora y Distribuidora Los Volcanes S.A [member] | |
Disclosure of Detailed Information About Business Combination [Line Items] | |
Name of acquire | Comercializadora y Distribuidora Los Volcanes, S.A. |
Business acquisition, percentage of voting equity interests acquired | 100.00% |
Montevideo Refrescos S R L [member] | |
Disclosure of Detailed Information About Business Combination [Line Items] | |
Name of acquire | Montevideo Refrescos, S.R.L. |
Business acquisition, percentage of voting equity interests acquired | 100.00% |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - Coca-Cola FEMSA Philippines, Inc. [member] | Aug. 16, 2018 |
Disclosure of analysis of single amount of discontinued operations [line items] | |
Percentage of put option exercisable | 51.00% |
Subsidiary disposal completion date | Dec. 13, 2018 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) $ in Millions, $ in Millions | Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Cash and cash equivalents [abstract] | |||
Cash and bank balances | $ 3,408 | $ 7,778 | |
Cash equivalents | 26,822 | 15,949 | |
Total cash equivalents | $ 1,531 | $ 30,230 | $ 23,727 |
Trade Accounts Receivable, Ne_2
Trade Accounts Receivable, Net - Summary of Trade Receivable (Detail) $ in Millions, $ in Millions | Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Disclosure of Trade and Other Receivables [Line Items] | |||
Trade receivables | $ 7,780 | $ 11,726 | |
Other | 1,317 | 1,108 | |
Allowance for expected credit losses | (839) | (595) | |
Trade Accounts Receivable, Net | $ 555 | 10,960 | 14,847 |
The Coca-Cola Company [member] | |||
Disclosure of Trade and Other Receivables [Line Items] | |||
Current receivables from related parties | 721 | 1,173 | |
Loans to Employees [Member] | |||
Disclosure of Trade and Other Receivables [Line Items] | |||
Current receivables from related parties | 94 | 77 | |
FEMSA and subsidiaries [member] | |||
Disclosure of Trade and Other Receivables [Line Items] | |||
Current receivables from related parties | 1,278 | 783 | |
Other Related Parties [Member] | |||
Disclosure of Trade and Other Receivables [Line Items] | |||
Current receivables from related parties | $ 609 | $ 575 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) $ in Millions, $ in Millions | 9 Months Ended | ||||
Sep. 30, 2019MXN ($) | Sep. 30, 2018MXN ($) | Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Classes of current inventories [abstract] | |||||
Inventory write-down | $ 219 | $ 90 | |||
Total Inventories | $ 489 | $ 9,657 | $ 10,051 |
Other Current Assets and Othe_2
Other Current Assets and Other Current Financial Assets - Additional Information (Detail) - MXN ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Other Current Assets [abstract] | ||
Other current assets and other current financial assets | $ 3,339 | $ 2,827 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Summary of Premises and Equipment (Detail) $ in Millions, $ in Millions | Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, net | $ 3,009 | $ 59,405 | $ 61,942 |
Land [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, net | 5,272 | 5,575 | |
Buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, net | 14,112 | 14,361 | |
Machinery and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, net | 20,520 | 21,496 | |
Refrigeration equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, net | 9,445 | 9,757 | |
Returnable bottles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, net | 5,783 | 6,043 | |
Investments in fixed assets in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, net | 3,584 | 4,131 | |
Leasehold improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, net | 373 | 203 | |
Other [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, net | $ 316 | $ 376 |
Leases - Schedule of Company's
Leases - Schedule of Company's right-of-use asset (Detail) - 9 months ended Sep. 30, 2019 $ in Millions, $ in Millions | USD ($) | MXN ($) |
Presentation of leases for lessee [abstract] | ||
Cost | $ 1,797 | |
Additions | 54 | |
Disposals | (15) | |
Depreciation | (388) | |
Effects of changes in foreign exchange rates | (90) | |
Cost | $ 69 | $ 1,358 |
Leases - Schedule of Company'_2
Leases - Schedule of Company's lease liabilities (Detail) $ in Millions, $ in Millions | Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Jan. 01, 2019MXN ($) |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 1,384 | $ 1,797 | |
Current | $ 24 | 471 | |
Non-Current | $ 46 | 913 | |
Less than one year | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | 471 | ||
One to three years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | 716 | ||
More than three years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 197 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019MXN ($) | |
Presentation of leases for lessee [abstract] | |
Interest expenses on lease liabilities | $ 99 |
Intangible Assets - Disclosure
Intangible Assets - Disclosure of Detailed Information About Intangible Assets (Detail) $ in Millions, $ in Millions | Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets, net | $ 5,697 | $ 112,464 | $ 116,804 |
Rights to produce and distribute Coca-Cola trademark products [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets, net | 82,364 | 87,617 | |
Goodwill [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets, net | 25,535 | 23,729 | |
Other indefinite lived intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets, net | 1,001 | 1,054 | |
Technology costs and management systems [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets, net | 2,263 | 2,998 | |
Systems in development [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets, net | 752 | 777 | |
Others [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets, net | $ 549 | $ 629 |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets,Other Than Goodwill,Amortisation Allocation (Detail) - MXN ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Statement [line items] | ||
Amortisation, intangible assets other than goodwill | $ 793 | $ 706 |
Cost of goods sold [member] | ||
Statement [line items] | ||
Amortisation, intangible assets other than goodwill | 20 | 23 |
Administrative expenses [member] | ||
Statement [line items] | ||
Amortisation, intangible assets other than goodwill | 588 | 509 |
Selling expenses [member] | ||
Statement [line items] | ||
Amortisation, intangible assets other than goodwill | $ 185 | $ 174 |
Balances and Transactions wit_2
Balances and Transactions with Related Parties and Affiliated Companies - Additional Information (Detail) - MXN ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
FEMSA [member] | ||
Statement [line items] | ||
Purchases and other expenses of coca cola femsa | $ 5,826 | $ 6,462 |
Coca Cola Company [member] | ||
Statement [line items] | ||
Purchases of concentrate from The Coca-Cola Company | 24,760 | 25,219 |
Heineken group [member] | ||
Statement [line items] | ||
Purchases of raw material, beer and operating expenses from Heineken | $ 11,487 | $ 10,173 |
Bank Loans and Notes Payables -
Bank Loans and Notes Payables - Detailed Information About Borrowings (Detail) $ in Millions, $ in Millions | Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Dec. 31, 2018MXN ($) | Sep. 30, 2018 |
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | $ 596 | $ 1,382 | ||
Long term debt | 75,924 | 80,423 | ||
Current portion of long term debt | $ 816 | 16,103 | 10,222 | |
Long-term debt | $ 59,821 | 70,201 | ||
Interest rate | 9.09% | 9.09% | 8.63% | |
Long term Yankee bonds [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 39,141 | $ 39,204 | ||
Interest rate | 4.48% | 4.48% | 4.48% | |
Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | $ 136 | $ 928 | ||
Long term debt | 63,941 | 63,443 | ||
Floating interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | 460 | 454 | ||
Long term debt | 11,983 | 16,980 | ||
Not later than one year [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | 596 | |||
Long term debt | 16,103 | |||
Current portion of long term debt | 16,103 | |||
Not later than one year [member] | Long term Yankee bonds [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 9,813 | |||
Interest rate | 4.63% | 4.63% | ||
Not later than one year [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | $ 136 | |||
Long term debt | 15,094 | |||
Not later than one year [member] | Floating interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | 460 | |||
Long term debt | 1,009 | |||
Later than one year and not later than two years [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 3,486 | |||
Long-term debt | 3,486 | |||
Later than one year and not later than two years [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 3,415 | |||
Later than one year and not later than two years [member] | Floating interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 71 | |||
Later than two years and not later than three years [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 1,561 | |||
Long-term debt | 1,561 | |||
Later than two years and not later than three years [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 58 | |||
Later than two years and not later than three years [member] | Floating interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 1,503 | |||
Later than three years and not later than four years [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 25,070 | |||
Long-term debt | 25,070 | |||
Later than three years and not later than four years [member] | Long term Yankee bonds [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 17,537 | |||
Interest rate | 3.88% | 3.88% | ||
Later than three years and not later than four years [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 25,070 | |||
Later than four years and not later than five years [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 362 | |||
Long-term debt | 362 | |||
Later than four years and not later than five years [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 24 | |||
Later than four years and not later than five years [member] | Floating interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 338 | |||
Later than five years [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 29,342 | |||
Long-term debt | 29,342 | |||
Later than five years [member] | Long term Yankee bonds [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 11,791 | |||
Interest rate | 5.25% | 5.25% | ||
Later than five years [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 20,280 | |||
Later than five years [member] | Floating interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 9,062 | |||
Argentina, Pesos [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 1,471 | |||
Argentina, Pesos [member] | Fixed interest rate [member] | Short term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | $ 136 | $ 157 | ||
Interest rate | 63.50% | 63.50% | 36.75% | |
Argentina, Pesos [member] | Floating interest rate [member] | Short term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | $ 34 | |||
Interest rate | 75.27% | 75.27% | ||
Argentina, Pesos [member] | Not later than one year [member] | Fixed interest rate [member] | Short term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | $ 136 | |||
Interest rate | 63.50% | 63.50% | ||
Argentina, Pesos [member] | Not later than one year [member] | Floating interest rate [member] | Short term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | $ 34 | |||
Interest rate | 75.27% | 75.27% | ||
United States of America, Dollars [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Financial leasings | $ 3 | $ 10 | ||
Interest rate | 3.28% | 3.28% | 3.28% | |
United States of America, Dollars [member] | Floating interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 4,025 | |||
Interest rate | 3.34% | |||
United States of America, Dollars [member] | Not later than one year [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Financial leasings | $ 3 | |||
Interest rate | 3.28% | 3.28% | ||
Colombia, Pesos [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 1,471 | |||
Colombia, Pesos [member] | Floating interest rate [member] | Short term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | $ 426 | $ 454 | ||
Interest rate | 4.68% | 4.68% | 5.58% | |
Colombia, Pesos [member] | Floating interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 794 | $ 848 | ||
Interest rate | 5.55% | 5.55% | 5.67% | |
Colombia, Pesos [member] | Not later than one year [member] | Floating interest rate [member] | Short term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | $ 426 | |||
Interest rate | 4.68% | 4.68% | ||
Colombia, Pesos [member] | Not later than one year [member] | Floating interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 794 | |||
Interest rate | 5.55% | 5.55% | ||
Brazil, Brazil Real [member] | Fixed interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 350 | $ 522 | ||
Interest rate | 6.03% | 6.03% | 5.95% | |
Brazil, Brazil Real [member] | Fixed interest rate [member] | Long term notes payable [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 4,641 | $ 4,653 | ||
Interest rate | 0.38% | 0.38% | 0.38% | |
Brazil, Brazil Real [member] | Floating interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 292 | $ 505 | ||
Interest rate | 8.64% | 8.64% | 9.53% | |
Brazil, Brazil Real [member] | Floating interest rate [member] | Long term notes payable [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 5 | |||
Interest rate | 0.40% | |||
Brazil, Brazil Real [member] | Not later than one year [member] | Fixed interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 135 | |||
Interest rate | 6.03% | 6.03% | ||
Brazil, Brazil Real [member] | Not later than one year [member] | Fixed interest rate [member] | Long term notes payable [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 4,641 | |||
Interest rate | 0.38% | 0.38% | ||
Brazil, Brazil Real [member] | Not later than one year [member] | Floating interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 215 | |||
Interest rate | 8.64% | 8.64% | ||
Brazil, Brazil Real [member] | Later than one year and not later than two years [member] | Fixed interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 95 | |||
Interest rate | 6.03% | 6.03% | ||
Brazil, Brazil Real [member] | Later than one year and not later than two years [member] | Floating interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 71 | |||
Interest rate | 8.64% | 8.64% | ||
Brazil, Brazil Real [member] | Later than two years and not later than three years [member] | Fixed interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 58 | |||
Interest rate | 6.03% | 6.03% | ||
Brazil, Brazil Real [member] | Later than two years and not later than three years [member] | Floating interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 6 | |||
Interest rate | 8.64% | 8.64% | ||
Brazil, Brazil Real [member] | Later than three years and not later than four years [member] | Fixed interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 37 | |||
Interest rate | 6.03% | 6.03% | ||
Brazil, Brazil Real [member] | Later than four years and not later than five years [member] | Fixed interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 24 | |||
Interest rate | 6.03% | 6.03% | ||
Brazil, Brazil Real [member] | Later than five years [member] | Fixed interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 1 | |||
Interest rate | 6.03% | 6.03% | ||
Mexico, Pesos [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 9,400 | |||
Mexico, Pesos [member] | Fixed interest rate [member] | Long term borrowings senior notes [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 18,483 | $ 18,481 | ||
Interest rate | 6.95% | 6.95% | 6.95% | |
Mexico, Pesos [member] | Floating interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 9,400 | $ 10,100 | ||
Interest rate | 8.67% | 8.67% | 8.56% | |
Mexico, Pesos [member] | Floating interest rate [member] | Long term borrowings senior notes [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 1,497 | $ 1,497 | ||
Interest rate | 8.44% | 8.44% | 8.61% | |
Mexico, Pesos [member] | Later than one year and not later than two years [member] | Fixed interest rate [member] | Long term borrowings senior notes [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 2,499 | |||
Interest rate | 8.27% | 8.27% | ||
Mexico, Pesos [member] | Later than two years and not later than three years [member] | Floating interest rate [member] | Long term borrowings senior notes [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 1,497 | |||
Interest rate | 8.44% | 8.44% | ||
Mexico, Pesos [member] | Later than three years and not later than four years [member] | Fixed interest rate [member] | Long term borrowings senior notes [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 7,496 | |||
Interest rate | 5.46% | 5.46% | ||
Mexico, Pesos [member] | Later than four years and not later than five years [member] | Floating interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 338 | |||
Interest rate | 8.85% | 8.85% | ||
Mexico, Pesos [member] | Later than five years [member] | Fixed interest rate [member] | Long term borrowings senior notes [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 8,488 | |||
Interest rate | 7.87% | 7.87% | ||
Mexico, Pesos [member] | Later than five years [member] | Floating interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 9,062 | |||
Interest rate | 8.66% | 8.66% | ||
Uruguay, Pesos | Fixed interest rate [member] | Short term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | $ 771 | |||
Interest rate | 9.96% | |||
Uruguay, Pesos | Fixed interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 1,323 | $ 573 | ||
Interest rate | 9.70% | 9.70% | 10.15% | |
Uruguay, Pesos | Not later than one year [member] | Fixed interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 502 | |||
Interest rate | 10.15% | 10.15% | ||
Uruguay, Pesos | Later than one year and not later than two years [member] | Fixed interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 821 | |||
Interest rate | 9.42% | 9.42% | ||
At fair value [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | $ 580 | |||
Long term debt | 79,963 | |||
Long-term debt | 79,963 | |||
At fair value [member] | Long term Yankee bonds [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 43,644 | |||
At fair value [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | 122 | |||
Long term debt | 68,088 | |||
At fair value [member] | Floating interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | 458 | |||
Long term debt | 11,875 | |||
At fair value [member] | Argentina, Pesos [member] | Fixed interest rate [member] | Short term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | 122 | |||
At fair value [member] | Argentina, Pesos [member] | Floating interest rate [member] | Short term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | 33 | |||
At fair value [member] | Colombia, Pesos [member] | Floating interest rate [member] | Short term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt | 425 | |||
At fair value [member] | Colombia, Pesos [member] | Floating interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 794 | |||
At fair value [member] | Brazil, Brazil Real [member] | Fixed interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 349 | |||
At fair value [member] | Brazil, Brazil Real [member] | Fixed interest rate [member] | Long term notes payable [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 4,641 | |||
At fair value [member] | Brazil, Brazil Real [member] | Floating interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 292 | |||
At fair value [member] | Mexico, Pesos [member] | Fixed interest rate [member] | Long term borrowings senior notes [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 18,131 | |||
At fair value [member] | Mexico, Pesos [member] | Floating interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 9,400 | |||
At fair value [member] | Mexico, Pesos [member] | Floating interest rate [member] | Long term borrowings senior notes [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | 1,389 | |||
At fair value [member] | Uruguay, Pesos | Fixed interest rate [member] | Long term bank loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long term debt | $ 1,323 |
Summary of Interest Expense - B
Summary of Interest Expense - Bank Loans and Notes Payables (Detail) $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Sep. 30, 2018MXN ($) | |
Disclosure of detailed information about borrowings [abstract] | |||
Interest on debts and borrowings | $ 3,337 | $ 3,389 | |
Finance charges for employee benefits | 150 | 142 | |
Derivative instruments | 1,499 | 1,710 | |
Finance charges for leases | 99 | ||
Finance operating charges | 150 | 220 | |
Interest Expense | $ 265 | $ 5,235 | $ 5,461 |
Bank Loans and Notes Payables_2
Bank Loans and Notes Payables - Additional Information (Detail) - MXN ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Disclosure of detailed information about borrowings [line items] | |||
Fixed interest rate | 9.09% | 8.63% | |
Long-term debt | $ 75,924 | $ 80,423 | |
Mexico, Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 9,400 | ||
Colombia, Pesos | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 1,471 | ||
Argentina, Pesos | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 1,471 |
Other Income and Expenses - Sum
Other Income and Expenses - Summary of other income and expenses (Detail) $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Sep. 30, 2018MXN ($) | |
Other income: | |||
Gain on sale of long-lived assets | $ 269 | $ 190 | |
Cancellation of contingencies | 84 | 116 | |
Leases | 6 | ||
Foreign Exchange gain related to operating activities | 6 | 96 | |
Tax actualization effects | 896 | ||
Other | 5 | ||
Other income | $ 64 | 1,261 | 407 |
Other expenses: | |||
Provisions for contingencies | 627 | 619 | |
Loss on the retirement of long-lived assets | 198 | 82 | |
Loss on sale of long-lived assets | 231 | 127 | |
Severance payments | 1,058 | 99 | |
Donations | 11 | 117 | |
Leases | 6 | ||
Other | 99 | 200 | |
Other expenses | $ 113 | $ 2,230 | $ 1,244 |
Financial Instruments - Summari
Financial Instruments - Summarizes Company's Financial Assets and Liabilities Measured at Fair Value (Detail) - MXN ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instruments asset | $ 2,605 | |
Level 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instruments asset | $ 21 | |
Derivative financial instruments liability | 205 | 236 |
Level 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instruments asset | 2,176 | |
Derivative financial instruments liability | $ 1,244 | $ 881 |
Financial Instruments - Outstan
Financial Instruments - Outstanding Forward Agreements to Purchase Foreign Currency (Detail) - MXN ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||
Fair Value Asset | $ 2,605,000,000 | |
Forward agreements to purchase foreign currency [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2019 | 2019 |
Notional Amount | $ 3,301,000,000 | $ 4,768,000,000 |
Fair Value (Liability) | (31,000,000) | (66,000,000) |
Fair Value Asset | $ 83,000,000 | $ 109,000,000 |
Forward agreements to purchase foreign currency [member] | Later than one year and not later than two years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2020 | |
Notional Amount | $ 4,323,000,000 | |
Fair Value (Liability) | (17,000,000) | |
Fair Value Asset | $ 58,000,000 | |
Options to purchase foreign currency [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2019 | 2019 |
Notional Amount | $ 245,000,000 | $ 1,734,000,000 |
Fair Value (Liability) | (2,000,000) | (33,000,000) |
Fair Value Asset | $ 9,000,000 | $ 57,000,000 |
Options to purchase foreign currency [member] | Later than one year and not later than two years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2020 | |
Notional Amount | $ 112,000,000 | |
Fair Value Asset | $ 8,000,000 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ / shares in Units, R$ in Millions, $ in Millions | Nov. 14, 2018MXN ($) | Dec. 06, 2016MXN ($)$ / shares | Sep. 30, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2018BRL (R$) | Sep. 30, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||||||
Annual rate | 9.09% | 8.63% | ||||
Promissory notes [member] | Vonpar [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Remaining unpaid balance | $ 4,319 | $ 4,652 | R$ 916 | |||
Liabilities paid | $ 393 | |||||
Annual rate | 0.375% | |||||
Maturity period | three-year | |||||
Estimated fair value of derivative | $ 343 | 0 | 14 | |||
Promissory notes [member] | Vonpar [member] | Series L share [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Strike price per share | $ / shares | $ 178.5 | |||||
Options to purchase foreign currency [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Premium paid for outstanding call options | $ 9 | $ 43 |
Financial Instruments - Summa_2
Financial Instruments - Summarizes outstanding Cross Currency Swap Agreements (Detail) - MXN ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||
Fair Value Asset | $ 2,605,000,000 | |
Cross Currency Swaps [member] | Not later than one year [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2019 | 2019 |
Notional Amount | $ 4,641,000,000 | $ 4,652,000,000 |
Fair Value Asset | $ 815,000,000 | $ 498,000,000 |
Cross Currency Swaps [member] | Later than one year and not later than two years [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2020 | 2020 |
Notional Amount | $ 14,366,000,000 | $ 14,400,000,000 |
Fair Value (Liability) | (174,000,000) | (79,000,000) |
Fair Value Asset | $ 1,125,000,000 | $ 969,000,000 |
Cross Currency Swaps [member] | Later than two years and not later than three years [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2021 | |
Notional Amount | $ 4,035,000,000 | |
Fair Value Asset | $ 586,000,000 | |
Cross Currency Swaps [member] | Later than three years and not later than four years [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2023 | |
Notional Amount | $ 11,219,000,000 | |
Fair Value (Liability) | (390,000,000) | |
Fair Value Asset | $ 135,000,000 | |
Cross Currency Swaps [member] | Later than four years and not later than five years [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2027 | |
Notional Amount | $ 6,889,000,000 | |
Fair Value (Liability) | (42,000,000) | |
Fair Value Asset | $ 202,000,000 | |
Cross Currency Swaps [member] | Later than five years [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2027 | |
Notional Amount | $ 6,873,000,000 | |
Fair Value (Liability) | (545,000,000) | |
Fair Value Asset | $ 54,000,000 | |
Cross Currency Swaps [member] | Later than two years and not later than five years [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2023 | |
Notional Amount | $ 11,193,000,000 | |
Fair Value (Liability) | (247,000,000) | |
Fair Value Asset | $ 25,000,000 |
Financial Instruments - Summary
Financial Instruments - Summary of Outstanding Interest Rate Swap Agreements (Detail) - MXN ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||
Fair Value Asset | $ 2,605,000,000 | |
Interest rate swap contract [member] | Later than one year and not later than two years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2019 | 2019 |
Notional Amount | $ 4,004,000,000 | $ 4,013,000,000 |
Fair value liability | (40,000,000) | (49,000,000) |
Fair Value Asset | $ 0 | $ 0 |
Interest rate swap contract [member] | Later than two years and not later than three years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2020 | 2020 |
Notional Amount | $ 4,548,000,000 | $ 4,559,000,000 |
Fair value liability | (189,000,000) | (112,000,000) |
Fair Value Asset | $ 0 | $ 0 |
Interest rate swap contract [member] | Later than three years and not later than four years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2021 | |
Notional Amount | $ 4,035,000,000 | |
Fair value liability | (110,000,000) | |
Fair Value Asset | $ 0 |
Financial Instruments - Summa_3
Financial Instruments - Summarizes Sugar Price and Aluminum Price Contracts (Detail) - MXN ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||
Fair Value Asset | $ 2,605,000,000 | |
Cash flow hedges [member] | Sugar price contracts [member] | Later than one year and not later than two years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2019 | 2019 |
Notional Amount | $ 922,000,000 | $ 1,223,000,000 |
Fair Value (Liability) | (65,000,000) | $ (88,000,000) |
Fair Value Asset | $ 4,000,000 | |
Cash flow hedges [member] | Sugar price contracts [member] | Not later than one year [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2020 | |
Notional Amount | $ 1,018,000,000 | |
Fair Value (Liability) | (21,000,000) | |
Fair Value Asset | $ 10,000,000 | |
Cash flow hedges [member] | Aluminum price contracts [member] | Later than one year and not later than two years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2019 | 2019 |
Notional Amount | $ 223,000,000 | $ 265,000,000 |
Fair Value (Liability) | $ (23,000,000) | $ (17,000,000) |
Cash flow hedges [member] | Aluminum price contracts [member] | Not later than one year [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2020 | |
Notional Amount | $ 255,000,000 | |
Fair Value (Liability) | $ (10,000,000) | |
Cash flow hedges [member] | PX MEG price [member] | Later than one year and not later than two years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2019 | 2019 |
Notional Amount | $ 333,000,000 | $ 1,303,000,000 |
Fair Value (Liability) | $ (76,000,000) | $ (131,000,000) |
Cash flow hedges [member] | PX MEG price [member] | Not later than one year [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity Date | 2020 | |
Notional Amount | $ 333,000,000 | |
Fair Value (Liability) | (9,000,000) | |
Fair Value Asset | $ 5,000,000 |
Non Controlling Interest in Con
Non Controlling Interest in Consolidated Subsidiaries - Summary of Non Controlling Interest in Consolidated Subsidiaries (Detail) $ in Millions, $ in Millions | Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||
Non-controlling interests | $ 337 | $ 6,659 | $ 6,806 |
Mexico [member] | |||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||
Non-controlling interests | 5,612 | 5,700 | |
Colombia [member] | |||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||
Non-controlling interests | 20 | 21 | |
Brazil [member] | |||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||
Non-controlling interests | $ 1,027 | $ 1,085 |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - MXN ($) $ in Millions | 7 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Mar. 14, 2019 | Mar. 09, 2018 | |
Statement [line items] | ||||
Dividends declared and paid | $ 7,437 | $ 7,038 | ||
Percentage of declared dividend paid | 50.00% | 50.00% | ||
Diviedends paid to non controlling interest | $ 3,925 | |||
Dividend Payment [Member] | ||||
Statement [line items] | ||||
Percentage of declared dividend to be paid | 50.00% | 50.00% |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) | Jan. 31, 2019 |
Reverse Stock Split [member] | |
Earnings per share [line items] | |
Stock split conversion ratio | 12.5 |
Earnings per Shares - Summary o
Earnings per Shares - Summary of Capital Stock Prior To and Immediately After Stock Split (Detail) | 9 Months Ended |
Sep. 30, 2019shares | |
Fomento Economico Mexicano S.A.B. de C.V. [member] | |
Disclosure of Capital Stock [line items] | |
Percentage of the capital stock | 47.20% |
Percentage of ordinary shares with full voting rights | 56.00% |
The Coca-Cola Company [member] | |
Disclosure of Capital Stock [line items] | |
Percentage of the capital stock | 27.80% |
Percentage of ordinary shares with full voting rights | 32.90% |
Major ordinary share transactions prior to stock split [member] | |
Disclosure of Capital Stock [line items] | |
Outstanding shares | 2,100,832,262 |
Percentage of the capital stock | 100.00% |
Percentage of ordinary shares with full voting rights | 100.00% |
Major ordinary share transactions prior to stock split [member] | Series L share [member] | |
Disclosure of Capital Stock [line items] | |
Shareholders | Public float |
Outstanding shares | 525,208,065 |
Percentage of the capital stock | 25.00% |
Percentage of ordinary shares with full voting rights | 0.00% |
Major ordinary share transactions prior to stock split [member] | Fomento Economico Mexicano S.A.B. de C.V. [member] | Series A shares [member] | |
Disclosure of Capital Stock [line items] | |
Shareholders | Wholly-owned subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. |
Outstanding shares | 992,078,519 |
Percentage of the capital stock | 47.223% |
Percentage of ordinary shares with full voting rights | 62.964% |
Major ordinary share transactions prior to stock split [member] | The Coca-Cola Company [member] | Series D share [member] | |
Disclosure of Capital Stock [line items] | |
Shareholders | Wholly-owned subsidiaries of The Coca-Cola Company |
Outstanding shares | 583,545,678 |
Percentage of the capital stock | 27.777% |
Percentage of ordinary shares with full voting rights | 37.036% |
Major ordinary share transactions after stock split [member] | |
Disclosure of Capital Stock [line items] | |
Outstanding shares | 16,806,658,096 |
Percentage of the capital stock | 100.00% |
Percentage of ordinary shares with full voting rights | 100.00% |
Major ordinary share transactions after stock split [member] | Series L share [member] | |
Disclosure of Capital Stock [line items] | |
Shareholders | Public float |
Outstanding shares | 2,626,040,325 |
Percentage of the capital stock | 15.625% |
Percentage of ordinary shares with full voting rights | 0.00% |
Major ordinary share transactions after stock split [member] | Series B Shares [member] | |
Disclosure of Capital Stock [line items] | |
Shareholders | Public float |
Outstanding shares | 1,575,624,195 |
Percentage of the capital stock | 9.375% |
Percentage of ordinary shares with full voting rights | 11.11% |
Major ordinary share transactions after stock split [member] | Fomento Economico Mexicano S.A.B. de C.V. [member] | Series A shares [member] | |
Disclosure of Capital Stock [line items] | |
Shareholders | Wholly-owned subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. |
Outstanding shares | 7,936,628,152 |
Percentage of the capital stock | 47.223% |
Percentage of ordinary shares with full voting rights | 55.968% |
Major ordinary share transactions after stock split [member] | The Coca-Cola Company [member] | Series D share [member] | |
Disclosure of Capital Stock [line items] | |
Shareholders | Wholly-owned subsidiaries of The Coca-Cola Company |
Outstanding shares | 4,668,365,424 |
Percentage of the capital stock | 27.777% |
Percentage of ordinary shares with full voting rights | 32.921% |
Earnings per Share - Summary of
Earnings per Share - Summary of Basic and Diluted Earnings per Share (Detail) shares in Millions, $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($)shares | Sep. 30, 2019MXN ($)shares | Sep. 30, 2018MXN ($)shares | |
Earnings per share- Equity holders of the parent (U.S. dollars and Mexican pesos): | |||
Consolidated net (loss) income | $ 530 | $ 10,462 | $ 8,894 |
Consolidated net income (loss) attributable to equity holders of the parent- controlling operations discontinued | $ 324 | ||
Weighted average number of shares for basic earnings per share (millions of shares) | shares | 16,807 | 16,807 | 16,807 |
Series A shares [member] | |||
Earnings per share- Equity holders of the parent (U.S. dollars and Mexican pesos): | |||
Consolidated net (loss) income | $ 4,768 | $ 3,873 | |
Consolidated net income attributable to equity holders of the parent- controlling operations | $ 4,768 | 3,719 | |
Consolidated net income (loss) attributable to equity holders of the parent- controlling operations discontinued | $ 153 | ||
Weighted average number of shares for basic earnings per share (millions of shares) | shares | 7,937 | 7,937 | 7,937 |
Series D share [member] | |||
Earnings per share- Equity holders of the parent (U.S. dollars and Mexican pesos): | |||
Consolidated net (loss) income | $ 2,804 | $ 2,278 | |
Consolidated net income attributable to equity holders of the parent- controlling operations | $ 2,804 | 2,188 | |
Consolidated net income (loss) attributable to equity holders of the parent- controlling operations discontinued | $ 90 | ||
Weighted average number of shares for basic earnings per share (millions of shares) | shares | 4,668 | 4,668 | 4,668 |
Series B Shares [member] | |||
Earnings per share- Equity holders of the parent (U.S. dollars and Mexican pesos): | |||
Consolidated net (loss) income | $ 946 | $ 769 | |
Consolidated net income attributable to equity holders of the parent- controlling operations | $ 946 | 739 | |
Consolidated net income (loss) attributable to equity holders of the parent- controlling operations discontinued | $ 30 | ||
Weighted average number of shares for basic earnings per share (millions of shares) | shares | 1,576 | 1,576 | 1,576 |
Series L share [member] | |||
Earnings per share- Equity holders of the parent (U.S. dollars and Mexican pesos): | |||
Consolidated net (loss) income | $ 1,577 | $ 1,281 | |
Consolidated net income attributable to equity holders of the parent- controlling operations | $ 1,577 | 1,231 | |
Consolidated net income (loss) attributable to equity holders of the parent- controlling operations discontinued | $ 51 | ||
Weighted average number of shares for basic earnings per share (millions of shares) | shares | 2,626 | 2,626 | 2,626 |
Income Taxes - Summary of Major
Income Taxes - Summary of Major Components of Income Tax Expense (Detail) $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Sep. 30, 2018MXN ($) | |
Major Components Of Tax Expense Income [line items] | |||
Current tax expense | $ 4,448 | $ 3,536 | |
Deferred tax expense: | (495) | 237 | |
Total income tax expense in consolidated net income | $ 200 | $ 3,953 | $ 3,773 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | Jan. 01, 2020 | Sep. 30, 2019 | Dec. 31, 2018 | Aug. 31, 2018 | Jan. 01, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Bottom of range [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Dividend tax on distributions | 5.00% | |||||||||||||
Top of range [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Dividend tax on distributions | 7.50% | |||||||||||||
Argentina [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Income tax rate | 35.00% | |||||||||||||
Sales taxes | 1.75% | |||||||||||||
Argentina [member] | Two thousand eighteen and nineteen [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Income tax rate | 30.00% | |||||||||||||
Percentage of dividend received from residents withholding | 7.00% | |||||||||||||
Argentina [member] | Two thousand nineteen onwards [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Income tax rate | 25.00% | |||||||||||||
Percentage of dividend received nonresidents withholding | 13.00% | |||||||||||||
Argentina [member] | Two thousand and eighteen [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Sales taxes | 1.50% | |||||||||||||
Argentina [member] | Two thousand and seventeen [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Sales taxes | 1.00% | |||||||||||||
Argentina [member] | Two Thousand and Nineteen [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Sales taxes | 1.50% | |||||||||||||
Argentina [member] | Two thousand and twenty [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Sales taxes | 1.00% | |||||||||||||
Argentina [member] | Two Thousand and Twenty One [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Sales taxes | 0.50% | |||||||||||||
Argentina [member] | Two thousand and twenty two [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Sales taxes | 0.00% | |||||||||||||
Brazil [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Average federal production and federal sales tax | 16.40% | 16.50% | ||||||||||||
Excise tax rate | 20.00% | 8.00% | 4.00% | |||||||||||
Colombia [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Percentage of reform income tax rate | 35.00% | |||||||||||||
Percentage of reform income tax rate | 34.00% | |||||||||||||
Percentage of reform extra income tax rate | 4.00% | 6.00% | ||||||||||||
Percentage of special increase in income tax rate | 20.00% | 15.00% | ||||||||||||
Income tax rate | 33.00% | 9.00% | 8.00% | 6.00% | 5.00% | |||||||||
Dividend tax on distributions | 7.50% | |||||||||||||
Colombia [member] | Two Thousand and Nineteen [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Percentage of increase in income tax rate | 3.50% | |||||||||||||
Municipality sales tax | 50.00% | |||||||||||||
Colombia [member] | Two thousand and twenty [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Income tax rate | 32.00% | |||||||||||||
Percentage of increase in income tax rate | 1.50% | |||||||||||||
Municipality sales tax | 100.00% | |||||||||||||
Colombia [member] | Two Thousand and Twenty One [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Income tax rate | 31.00% | |||||||||||||
Percentage of increase in income tax rate | 0.00% | |||||||||||||
Colombia [member] | Two thousand and twenty two [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Income tax rate | 30.00% | |||||||||||||
Colombia [member] | Later than one year [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Percentage of reform income tax rate | 33.00% | |||||||||||||
Costa Rica [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Income tax rate | 15.00% | |||||||||||||
Percentage of adjusted taxable income eligible for deduction | 20.00% | |||||||||||||
Costa Rica [member] | Bottom of range [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Income tax rate | 20.00% | |||||||||||||
Costa Rica [member] | Top of range [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Income tax rate | 25.00% | |||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Brazil [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Excise tax rate | 4.00% | 10.00% | 12.00% | |||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Mexico [member] | Top of range [member] | ||||||||||||||
Major Components Of Tax Expense Income [line items] | ||||||||||||||
Percentage of adjusted taxable income eligible for deduction | 30.00% |
Other Liabilities, Provisions_3
Other Liabilities, Provisions and Contingencies - Summary of Nature and Amount of Loss Contingencies Recorded (Detail) - MXN ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Disclosure of other provisions [line items] | ||
Provisions | $ 7,927 | $ 8,298 |
Tax [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | 4,653 | 5,038 |
Labor [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | 2,332 | 2,340 |
Legal [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | $ 942 | $ 920 |
Other Liabilities, Provisions_4
Other Liabilities, Provisions and Contingencies - Additional Information (Detail) $ in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019MXN ($) | Dec. 31, 2018MXN ($) | Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | |
Disclosure of contingent liabilities [line items] | ||||
Other current financial liabilities | $ 566 | $ 222 | $ 4,385 | |
Aggregate amount claimed against company | $ 54,182 | |||
Tax contingencies amount | 50,729 | |||
Provisions other non current liabilitites and other non current financial liabilities | 10,804 | 10,271 | ||
Other Current Financial Liabilities [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Dividends to be paid | 3,722 | |||
Brazil [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Litigation amount | $ 8,985 | $ 7,739 | ||
Value added tax [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Tax contingencies amount | 10,451 | |||
Value added tax [member] | State of Sao Paulo [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Tax contingencies amount | 3,174 | |||
Tax credits [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Tax contingencies amount | 33,383 | |||
Federal taxes [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Tax contingencies amount | $ 3,719 |
Information by Segment - Summar
Information by Segment - Summary of Segment Disclosure for Company's Consolidated Operations (Detail) $ in Millions, $ in Millions | 9 Months Ended | ||||
Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Sep. 30, 2018MXN ($) | Sep. 30, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Disclosure of operating segments [line items] | |||||
Revenues | $ 7,218 | $ 142,504 | $ 130,577 | ||
Gross profit | 3,266 | 64,474 | 60,150 | ||
Income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method | 14,510 | 12,252 | |||
Depreciation and amortization | 7,492 | 6,885 | |||
Non-cash items other than depreciation and amortization | 1,193 | 921 | |||
Equity in earnings (loss) of associated companies and joint ventures | (5) | (95) | (161) | ||
Total assets | 13,307 | 263,787 | $ 262,700 | $ 263,787 | |
Investments in associate companies and joint ventures | 10,518 | 10,587 | |||
Total liabilities | $ 6,737 | 132,037 | 132,999 | $ 132,037 | |
Capital expenditures, net | 6,681 | 7,120 | |||
Operating segments [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 142,504 | 130,577 | |||
Eliminations [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 4,206 | 4,152 | |||
Mexico and central America segment [member] | |||||
Disclosure of operating segments [line items] | |||||
Gross profit | 39,335 | 35,930 | |||
Income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method | 9,535 | 6,659 | |||
Depreciation and amortization | 4,436 | 4,087 | |||
Non-cash items other than depreciation and amortization | 845 | 813 | |||
Equity in earnings (loss) of associated companies and joint ventures | (156) | (206) | |||
Total assets | 147,748 | 150,026 | |||
Investments in associate companies and joint ventures | 6,789 | 7,002 | |||
Total liabilities | 96,525 | (99,208) | |||
Capital expenditures, net | 3,698 | 4,420 | |||
Mexico and central America segment [member] | Operating segments [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 81,996 | 74,738 | |||
Mexico and central America segment [member] | Eliminations [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 4,194 | 4,194 | |||
South America segment [member] | |||||
Disclosure of operating segments [line items] | |||||
Gross profit | 25,139 | 24,220 | |||
Income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method | 4,975 | 5,593 | |||
Depreciation and amortization | 3,056 | 2,798 | |||
Non-cash items other than depreciation and amortization | 348 | 108 | |||
Equity in earnings (loss) of associated companies and joint ventures | 61 | 45 | |||
Total assets | 116,039 | 112,674 | |||
Investments in associate companies and joint ventures | 3,729 | 3,585 | |||
Total liabilities | 35,512 | $ (33,791) | |||
Capital expenditures, net | 2,983 | 2,700 | |||
South America segment [member] | Operating segments [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 60,508 | 55,839 | |||
South America segment [member] | Eliminations [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues | $ 12 | $ (42) |
Information by Segment - Summ_2
Information by Segment - Summary of Segment Disclosure for Company's Consolidated Operations (Parenthetical) (Detail) $ in Millions, $ in Millions | 9 Months Ended | ||||
Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Sep. 30, 2018MXN ($) | Sep. 30, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Disclosure of operating segments [line items] | |||||
Revenue | $ 7,218 | $ 142,504 | $ 130,577 | ||
Total assets | 13,307 | 263,787 | $ 262,700 | $ 263,787 | |
Total liabilities | $ 6,737 | 132,037 | 132,999 | 132,037 | |
Mexico and central America segment [member] | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 147,748 | 150,026 | |||
Total liabilities | 96,525 | (99,208) | |||
South America segment [member] | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 116,039 | 112,674 | |||
Total liabilities | 35,512 | (33,791) | |||
Mexico [member] | Mexico and central America segment [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 68,750 | 63,430 | |||
Total assets | 134,802 | 130,865 | |||
Total liabilities | 111,991 | 92,340 | |||
Brazil [member] | South America segment [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 39,090 | 43,586 | |||
Total assets | 80,657 | 86,007 | |||
Total liabilities | 24,252 | 26,851 | |||
Colombia [member] | South America segment [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 9,888 | 10,790 | |||
Total assets | 18,536 | 17,626 | |||
Total liabilities | 4,264 | 4,061 | |||
Argentina [member] | South America segment [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 5,172 | $ 4,619 | |||
Total assets | 4,274 | 6,021 | |||
Total liabilities | 1,519 | 2,059 | |||
Uruguay | South America segment [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | $ 2,415 | ||||
Total assets | 5,935 | 6,385 | |||
Total liabilities | $ 2,387 | $ 2,541 |
Revenue Recognition (Detail)
Revenue Recognition (Detail) $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Sep. 30, 2018MXN ($) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue sale of products | $ 7,120 | $ 140,571 | $ 130,252 |
Services rendered | 314 | 276 | |
Other operating revenues | 1,619 | 49 | |
Revenue from contracts with customers | $ 142,504 | $ 130,577 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Information [abstract] | |
Percentage of owned guarantors subsidiaries | 100.00% |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information - Consolidated Statement of Financial Position (Detail) $ in Millions, $ in Millions | Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Dec. 31, 2018MXN ($) | Sep. 30, 2018MXN ($) |
Current assets: | ||||
Cash and cash equivalents | $ 1,531 | $ 30,230 | $ 23,727 | |
Accounts receivable, net | 555 | 10,960 | 14,847 | |
Inventories | 489 | 9,657 | 10,051 | |
Recoverable taxes | 396 | 7,822 | 6,038 | |
Other current assets | 3,339 | 2,827 | ||
Total current assets | 3,141 | 62,008 | 57,490 | |
Non-current assets: | ||||
Investments in other entities | 536 | 10,587 | 10,518 | |
Property, plant and equipment, net | 3,009 | 59,405 | 61,942 | |
Right-of-use assets | 69 | 1,358 | 1,797 | |
Intangible assets, net | 5,697 | 112,464 | 116,804 | |
Deferred tax assets | 485 | 9,569 | 8,438 | |
Other non-current assets | 7,309 | 8,595 | ||
Total non-current assets | 10,166 | 200,692 | 206,297 | |
Total assets | 13,307 | 262,700 | 263,787 | $ 263,787 |
Current liabilities: | ||||
Short-term bank loans and notes payable and current portion of non-current debt | 16,699 | 11,604 | ||
Current portionof lease liabilities | 24 | 471 | ||
Interest payable | 50 | 993 | 497 | |
Suppliers | 897 | 17,712 | 19,746 | |
Other current liabilities | 20,412 | 13,677 | ||
Total current liabilities | 2,851 | 56,287 | 45,524 | |
Non-current liabilities: | ||||
Long-term debt | 59,821 | 70,201 | ||
Long- lease liabilities | 46 | 913 | ||
Bank loans and notes payable | 3,030 | 59,821 | 70,201 | |
Other non-current liabilities | 15,978 | 16,312 | ||
Total non-current liabilities | 3,886 | 76,712 | 86,513 | |
Total liabilities | 6,737 | 132,999 | 132,037 | 132,037 |
Equity: | ||||
Equity attributable to equity holders of the parent | 6,233 | 123,042 | 124,944 | |
Non-controlling interest in consolidated subsidiaries | 337 | 6,659 | 6,806 | |
Total equity | 6,570 | 129,701 | 131,750 | $ 131,119 |
Total liabilities and equity | $ 13,307 | 262,700 | 263,787 | |
Coca-Cola FEMSA [member] | ||||
Current assets: | ||||
Cash and cash equivalents | 11,058 | 16,529 | ||
Accounts receivable, net | 20,120 | 19,388 | ||
Recoverable taxes | 232 | 80 | ||
Other current assets | 290 | |||
Total current assets | 31,700 | 35,997 | ||
Non-current assets: | ||||
Investments in other entities | 155,036 | 160,014 | ||
Intangible assets, net | 28,863 | 27,824 | ||
Deferred tax assets | 3,923 | 3,043 | ||
Other non-current assets | 22,769 | 19,060 | ||
Total non-current assets | 210,591 | 209,941 | ||
Total assets | 242,291 | 245,938 | ||
Current liabilities: | ||||
Short-term bank loans and notes payable and current portion of non-current debt | 9,814 | 4,700 | ||
Interest payable | 972 | 477 | ||
Suppliers | 7 | 11 | ||
Other current liabilities | 35,669 | 32,909 | ||
Total current liabilities | 46,462 | 38,097 | ||
Non-current liabilities: | ||||
Long-term debt | 58,708 | |||
Bank loans and notes payable | 68,607 | |||
Other non-current liabilities | 14,081 | 14,292 | ||
Total non-current liabilities | 72,789 | 82,899 | ||
Total liabilities | 119,251 | 120,996 | ||
Equity: | ||||
Equity attributable to equity holders of the parent | 123,040 | 124,942 | ||
Total equity | 123,040 | 124,942 | ||
Total liabilities and equity | 242,291 | 245,938 | ||
Wholly-Owned guarantors subsidiaries [member] | ||||
Current assets: | ||||
Cash and cash equivalents | 7,991 | 1,025 | ||
Accounts receivable, net | 26,830 | 31,461 | ||
Inventories | 1,728 | 2,717 | ||
Recoverable taxes | 1,290 | 1,870 | ||
Other current assets | 211 | 170 | ||
Total current assets | 38,050 | 37,243 | ||
Non-current assets: | ||||
Investments in other entities | 146,495 | 131,357 | ||
Property, plant and equipment, net | 18,304 | 18,378 | ||
Right-of-use assets | 635 | |||
Intangible assets, net | 36,620 | 36,361 | ||
Deferred tax assets | 1,838 | 1,807 | ||
Other non-current assets | 6,214 | 6,282 | ||
Total non-current assets | 210,106 | 194,185 | ||
Total assets | 248,156 | 231,428 | ||
Current liabilities: | ||||
Current portionof lease liabilities | 143 | |||
Suppliers | 10,566 | 2,531 | ||
Other current liabilities | 39,874 | 82,359 | ||
Total current liabilities | 50,583 | 84,890 | ||
Non-current liabilities: | ||||
Long- lease liabilities | 493 | |||
Other non-current liabilities | 36,703 | 670 | ||
Total non-current liabilities | 37,196 | 670 | ||
Total liabilities | 87,779 | 85,560 | ||
Equity: | ||||
Equity attributable to equity holders of the parent | 160,377 | 145,868 | ||
Total equity | 160,377 | 145,868 | ||
Total liabilities and equity | 248,156 | 231,428 | ||
Combined non-guarantor subsidiaries [member] | ||||
Current assets: | ||||
Cash and cash equivalents | 11,181 | 6,173 | ||
Accounts receivable, net | 56,995 | 51,028 | ||
Inventories | 7,929 | 7,334 | ||
Recoverable taxes | 6,300 | 4,088 | ||
Other current assets | 2,838 | 2,657 | ||
Total current assets | 85,243 | 71,280 | ||
Non-current assets: | ||||
Investments in other entities | 3,604 | 3,766 | ||
Property, plant and equipment, net | 41,101 | 43,564 | ||
Right-of-use assets | 723 | |||
Intangible assets, net | 46,981 | 52,619 | ||
Deferred tax assets | 3,808 | 3,588 | ||
Other non-current assets | 20,726 | 25,149 | ||
Total non-current assets | 116,943 | 128,686 | ||
Total assets | 202,186 | 199,966 | ||
Current liabilities: | ||||
Short-term bank loans and notes payable and current portion of non-current debt | 6,885 | 6,904 | ||
Current portionof lease liabilities | 328 | |||
Interest payable | 21 | 20 | ||
Suppliers | 7,254 | 17,257 | ||
Other current liabilities | 37,740 | (14,614) | ||
Total current liabilities | 52,228 | 9,567 | ||
Non-current liabilities: | ||||
Long-term debt | 1,113 | |||
Long- lease liabilities | 420 | |||
Bank loans and notes payable | 1,594 | |||
Other non-current liabilities | 7,594 | 43,246 | ||
Total non-current liabilities | 9,127 | 44,840 | ||
Total liabilities | 61,355 | 54,407 | ||
Equity: | ||||
Equity attributable to equity holders of the parent | 134,172 | 138,753 | ||
Non-controlling interest in consolidated subsidiaries | 6,659 | 6,806 | ||
Total equity | 140,831 | 145,559 | ||
Total liabilities and equity | 202,186 | 199,966 | ||
Eliminations [member] | ||||
Current assets: | ||||
Accounts receivable, net | (92,985) | (87,030) | ||
Total current assets | (92,985) | (87,030) | ||
Non-current assets: | ||||
Investments in other entities | (294,548) | (284,619) | ||
Other non-current assets | (42,400) | (41,896) | ||
Total non-current assets | (336,948) | (326,515) | ||
Total assets | (429,933) | (413,545) | ||
Current liabilities: | ||||
Suppliers | (115) | (53) | ||
Other current liabilities | (92,871) | (86,977) | ||
Total current liabilities | (92,986) | (87,030) | ||
Non-current liabilities: | ||||
Other non-current liabilities | (42,400) | (41,896) | ||
Total non-current liabilities | (42,400) | (41,896) | ||
Total liabilities | (135,386) | (128,926) | ||
Equity: | ||||
Equity attributable to equity holders of the parent | (294,547) | (284,619) | ||
Non-controlling interest in consolidated subsidiaries | 0 | |||
Total equity | (294,547) | (284,619) | ||
Total liabilities and equity | $ (429,933) | $ (413,545) |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information - Consolidated Statement of Income Statements (Detail) $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Sep. 30, 2018MXN ($) | |
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | $ 7,218 | $ 142,504 | $ 130,577 |
Cost of goods sold | 3,952 | 78,030 | 70,427 |
Gross profit | 3,266 | 64,474 | 60,150 |
Administrative expenses | 328 | 6,485 | 5,942 |
Selling expenses | 1,923 | 37,944 | 36,283 |
Other expenses (income), net | 969 | 837 | |
Interest expense, net | 4,328 | 4,759 | |
Foreign exchange loss (gain), net | 8 | 166 | (52) |
Other financing expense (income), net | 72 | 129 | |
Income taxes | 200 | 3,953 | 3,773 |
Share of the profit (loss) of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes | (5) | (95) | (161) |
Net income from continuing operations | 530 | 10,462 | 8,318 |
Net income after tax from discontinued operations | 576 | ||
Consolidated Net income | 530 | 10,462 | 8,894 |
Net income attributable to holders of the parent | 10,095 | ||
Net income attributable to non-controlling interest | 367 | ||
Equity holders of the parent- continuing | 511 | 10,095 | 7,877 |
Equity holders of the parent- discontinued | 324 | ||
Non-controlling interest- continuing | 19 | 367 | 441 |
Non-controlling interest discountinued | 252 | ||
Consolidated net income | $ 530 | 10,462 | 8,894 |
Coca-Cola FEMSA [member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | 1 | 1 | |
Cost of goods sold | 18 | 18 | |
Gross profit | (17) | (17) | |
Administrative expenses | 612 | 109 | |
Other expenses (income), net | 1 | 1 | |
Interest expense, net | 3,476 | 3,157 | |
Foreign exchange loss (gain), net | (553) | (461) | |
Income taxes | (653) | (446) | |
Share of the profit (loss) of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes | 12,995 | 10,578 | |
Net income from continuing operations | 8,201 | ||
Consolidated Net income | 10,095 | 8,201 | |
Net income attributable to holders of the parent | 10,095 | ||
Equity holders of the parent- continuing | 8,201 | ||
Consolidated net income | 10,095 | 8,201 | |
Wholly-Owned guarantors subsidiaries [member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | 73,131 | 77,484 | |
Cost of goods sold | 41,731 | 49,272 | |
Gross profit | 31,400 | 28,212 | |
Administrative expenses | 2,600 | 4,105 | |
Selling expenses | 17,553 | 16,605 | |
Other expenses (income), net | 351 | 24 | |
Interest expense, net | 2,858 | 2,629 | |
Foreign exchange loss (gain), net | 34 | 148 | |
Income taxes | 2,089 | 1,085 | |
Share of the profit (loss) of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes | 9,899 | 7,258 | |
Net income from continuing operations | 10,874 | ||
Consolidated Net income | 15,814 | 10,874 | |
Net income attributable to holders of the parent | 15,814 | ||
Equity holders of the parent- continuing | 10,874 | ||
Consolidated net income | 15,814 | 10,874 | |
Combined non-guarantor subsidiaries [member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | 113,751 | 106,155 | |
Cost of goods sold | 74,017 | 66,375 | |
Gross profit | 39,734 | 39,780 | |
Administrative expenses | 5,730 | 5,391 | |
Selling expenses | 24,577 | 23,841 | |
Other expenses (income), net | 617 | 812 | |
Interest expense, net | (2,006) | (1,028) | |
Foreign exchange loss (gain), net | 685 | 261 | |
Other financing expense (income), net | 72 | 129 | |
Income taxes | 2,517 | 3,134 | |
Share of the profit (loss) of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes | 63 | 48 | |
Net income from continuing operations | 7,288 | ||
Net income after tax from discontinued operations | 576 | ||
Consolidated Net income | 7,605 | 7,864 | |
Net income attributable to holders of the parent | 7,238 | ||
Net income attributable to non-controlling interest | 367 | ||
Equity holders of the parent- continuing | 6,847 | ||
Equity holders of the parent- discontinued | 324 | ||
Non-controlling interest- continuing | 441 | ||
Non-controlling interest discountinued | 252 | ||
Consolidated net income | 7,605 | 7,864 | |
Eliminations [member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | (44,379) | (53,063) | |
Cost of goods sold | (37,736) | (45,238) | |
Gross profit | (6,643) | (7,825) | |
Administrative expenses | (2,457) | (3,663) | |
Selling expenses | (4,186) | (4,163) | |
Interest expense, net | 1 | ||
Share of the profit (loss) of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes | (23,052) | (18,045) | |
Net income from continuing operations | (18,045) | ||
Consolidated Net income | (23,052) | (18,045) | |
Net income attributable to holders of the parent | (23,052) | ||
Equity holders of the parent- continuing | (18,045) | ||
Consolidated net income | $ (23,052) | $ (18,045) |
Supplemental Guarantor Inform_6
Supplemental Guarantor Information - Consolidated Statement of Comprehensive Income (Detail) $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Sep. 30, 2018MXN ($) | |
Condensed Statement of Income Captions [Line Items] | |||
Consolidated net income (loss) | $ 530 | $ 10,462 | $ 8,894 |
Other comprehensive income to be reclassified to profit or loss in subsequent periods: | |||
Valuation of the effective portion of derivative financial instruments, net of taxes | (24) | (474) | (416) |
Exchange differences on translation of foreign operations | (231) | (4,552) | (13,798) |
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods: | (255) | (5,026) | (14,214) |
Items not to be reclassified to profit or loss in subsequent periods: | |||
Remeasurements of the net defined benefit liability, net of taxes | (2) | (48) | 168 |
Net other comprehensive income not being reclassified to profit or loss in subsequent periods: | (2) | (48) | 168 |
Total other comprehensive (loss), net of tax | (257) | (5,074) | (14,046) |
Consolidated comprehensive income for the year, net of tax | 273 | 5,388 | (5,152) |
Attributable to: | |||
Equity holders of the parent | 5,535 | ||
Non-controlling interest- | (147) | ||
Equity holders of the parent- continuing | (1,502) | ||
Equity holders of the parent- discontinued | (1,450) | ||
Non-controllinginterest-continuing | (1,211) | ||
Non-controlling interest- discontinued | (989) | ||
Consolidated comprehensive income for the year, net of tax | $ 273 | 5,388 | (5,152) |
Coca-Cola FEMSA [member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Consolidated net income (loss) | 10,095 | 8,201 | |
Other comprehensive income to be reclassified to profit or loss in subsequent periods: | |||
Valuation of the effective portion of derivative financial instruments, net of taxes | (472) | (410) | |
Exchange differences on translation of foreign operations | (4,039) | (8,192) | |
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods: | (4,511) | (8,602) | |
Items not to be reclassified to profit or loss in subsequent periods: | |||
Other equity instruments | |||
Remeasurements of the net defined benefit liability, net of taxes | (48) | 135 | |
Net other comprehensive income not being reclassified to profit or loss in subsequent periods: | (48) | 135 | |
Total other comprehensive (loss), net of tax | (4,559) | (8,467) | |
Consolidated comprehensive income for the year, net of tax | 5,536 | (266) | |
Attributable to: | |||
Equity holders of the parent | 5,536 | ||
Equity holders of the parent- continuing | (266) | ||
Consolidated comprehensive income for the year, net of tax | 5,536 | (266) | |
Wholly-Owned guarantors subsidiaries [member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Consolidated net income (loss) | 15,814 | 10,874 | |
Other comprehensive income to be reclassified to profit or loss in subsequent periods: | |||
Valuation of the effective portion of derivative financial instruments, net of taxes | 390 | (517) | |
Exchange differences on translation of foreign operations | (9,861) | (401) | |
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods: | (9,471) | (918) | |
Items not to be reclassified to profit or loss in subsequent periods: | |||
Remeasurements of the net defined benefit liability, net of taxes | 61 | (76) | |
Net other comprehensive income not being reclassified to profit or loss in subsequent periods: | 61 | (76) | |
Total other comprehensive (loss), net of tax | (9,410) | (994) | |
Consolidated comprehensive income for the year, net of tax | 6,404 | 9,880 | |
Attributable to: | |||
Equity holders of the parent | 6,404 | ||
Equity holders of the parent- continuing | 9,880 | ||
Consolidated comprehensive income for the year, net of tax | 6,404 | 9,880 | |
Combined non-guarantor subsidiaries [member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Consolidated net income (loss) | 7,605 | 7,864 | |
Other comprehensive income to be reclassified to profit or loss in subsequent periods: | |||
Valuation of the effective portion of derivative financial instruments, net of taxes | (782) | 1,028 | |
Exchange differences on translation of foreign operations | (4,552) | (13,798) | |
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods: | (5,334) | (12,770) | |
Items not to be reclassified to profit or loss in subsequent periods: | |||
Remeasurements of the net defined benefit liability, net of taxes | (471) | (88) | |
Net other comprehensive income not being reclassified to profit or loss in subsequent periods: | (471) | (88) | |
Total other comprehensive (loss), net of tax | (5,805) | (12,858) | |
Consolidated comprehensive income for the year, net of tax | 1,800 | (4,994) | |
Attributable to: | |||
Equity holders of the parent | 1,947 | ||
Non-controlling interest- | (147) | ||
Equity holders of the parent- continuing | (1,344) | ||
Equity holders of the parent- discontinued | (1,450) | ||
Non-controllinginterest-continuing | (1,211) | ||
Non-controlling interest- discontinued | (989) | ||
Consolidated comprehensive income for the year, net of tax | 1,800 | (4,994) | |
Eliminations [member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Consolidated net income (loss) | (23,052) | (18,045) | |
Other comprehensive income to be reclassified to profit or loss in subsequent periods: | |||
Valuation of the effective portion of derivative financial instruments, net of taxes | 390 | (517) | |
Exchange differences on translation of foreign operations | 13,900 | 8,593 | |
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods: | 14,290 | 8,076 | |
Items not to be reclassified to profit or loss in subsequent periods: | |||
Remeasurements of the net defined benefit liability, net of taxes | 410 | 197 | |
Net other comprehensive income not being reclassified to profit or loss in subsequent periods: | 410 | 197 | |
Total other comprehensive (loss), net of tax | 14,700 | 8,273 | |
Consolidated comprehensive income for the year, net of tax | (8,352) | (9,772) | |
Attributable to: | |||
Equity holders of the parent | (8,352) | ||
Equity holders of the parent- continuing | (9,772) | ||
Consolidated comprehensive income for the year, net of tax | $ (8,352) | $ (9,772) |
Supplemental Guarantor Inform_7
Supplemental Guarantor Information - Consolidated Statement of Cash Flows (Detail) $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2019MXN ($) | Sep. 30, 2018MXN ($) | |
Cash flows from operating activities: | |||
Income before income taxes from continuing operations | $ 730 | $ 14,415 | $ 12,091 |
Non-cash items | 10,436 | 12,769 | |
Changes in working capital | 532 | (6,236) | |
Net cash flows (used in)/from operating activities | 25,383 | ||
Net cash flows generated from operating activities continuing operations | 1,285 | 25,383 | 18,624 |
Income before taxes for discontinued operations | 1,042 | ||
Operationactivities for discontinued operations | (112) | ||
Investing activities: | |||
Acquisition and mergers, net of cash acquired | (5,692) | ||
Interest received | 46 | 908 | 703 |
Acquisition of long-lived assets, net | (6,388) | (5,866) | |
Acquisition of intangible assets and other investing activities | (203) | (1,198) | |
Investments in shares | (16) | (320) | (203) |
Dividends received | 1 | 1 | |
Net cash flows used in investing activities | (6,002) | ||
Net cash flows (used in) investing activities from continuing operations | (304) | (6,002) | (12,255) |
Net cash flows (used in)/from investing activities for discontinued operations | (397) | ||
Financing activities: | |||
Proceeds from borrowings | 551 | 10,871 | 12,966 |
Repayment of borrowings | (795) | (15,687) | (4,311) |
Interest paid | (151) | (2,987) | (3,012) |
Interest paid on leases | (99) | ||
Payments of leases | (17) | (343) | |
Dividends paid | (189) | (3,722) | (3,529) |
Other financing activities | (27) | (531) | (1,695) |
Net cash flows (used in) generated by financing activities for continuing operations | (633) | (12,498) | 419 |
Net cash flows used from financing activities from discontinuing operations | (138) | ||
Net increase (decrease) in cash and cash equivalents | 348 | 6,883 | 6,788 |
Net (decrease) increase in cash and cash equivalents for discontinued operations | 395 | ||
Cash and cash equivalents at the beginning of the period | 1,202 | 23,727 | 18,767 |
Effects of exchange rate changes and inflation effects on the balance sheet of cash held in foreign currencies | (19) | (380) | (1,558) |
Cash and cash equivalents at the end of the period discontinued operations | (5,917) | ||
Cash and cash equivalents at the end of the period | $ 1,531 | 30,230 | 18,475 |
Coca-Cola FEMSA [member] | |||
Cash flows from operating activities: | |||
Income before income taxes from continuing operations | 9,442 | 7,755 | |
Non-cash items | (12,021) | (9,488) | |
Changes in working capital | (224) | (46) | |
Net cash flows (used in)/from operating activities | (2,803) | ||
Net cash flows generated from operating activities continuing operations | (1,779) | ||
Investing activities: | |||
Interest received | 2,204 | 2,199 | |
Acquisition of intangible assets and other investing activities | (4,148) | 5,554 | |
Investments in shares | (52) | (9,474) | |
Dividends received | 11,942 | 4,816 | |
Net cash flows used in investing activities | 9,946 | ||
Net cash flows (used in) investing activities from continuing operations | 3,095 | ||
Financing activities: | |||
Proceeds from borrowings | 9,400 | 10,200 | |
Repayment of borrowings | (14,082) | (54) | |
Interest paid | (2,507) | (2,473) | |
Dividends paid | (3,718) | (3,529) | |
Other financing activities | (1,619) | (755) | |
Proceeds from issuing shares | |||
Net cash flows (used in) generated by financing activities for continuing operations | (12,526) | 3,389 | |
Net increase (decrease) in cash and cash equivalents | (5,383) | 4,705 | |
Cash and cash equivalents at the beginning of the period | 16,529 | 7,017 | |
Effects of exchange rate changes and inflation effects on the balance sheet of cash held in foreign currencies | (88) | 15 | |
Cash and cash equivalents at the end of the period | 11,058 | 11,737 | |
Wholly-Owned guarantors subsidiaries [member] | |||
Cash flows from operating activities: | |||
Income before income taxes from continuing operations | 17,903 | 11,959 | |
Non-cash items | (9,581) | (6,568) | |
Changes in working capital | 2,447 | (10,476) | |
Net cash flows (used in)/from operating activities | 10,769 | ||
Net cash flows generated from operating activities continuing operations | (5,085) | ||
Investing activities: | |||
Interest received | 1,833 | 1,552 | |
Acquisition of long-lived assets, net | (2,442) | (2,301) | |
Acquisition of intangible assets and other investing activities | 53 | (48) | |
Investments in shares | (222) | (1,832) | |
Dividends received | 868 | 512 | |
Net cash flows used in investing activities | 90 | ||
Net cash flows (used in) investing activities from continuing operations | (2,117) | ||
Financing activities: | |||
Interest paid | (25) | (25) | |
Interest paid on leases | (99) | ||
Payments of leases | (211) | ||
Dividends paid | (9,151) | (4,434) | |
Increase in capital stock | 1,830 | ||
Other financing activities | 5,605 | 9,786 | |
Net cash flows (used in) generated by financing activities for continuing operations | (3,881) | 7,157 | |
Net increase (decrease) in cash and cash equivalents | 6,978 | (45) | |
Cash and cash equivalents at the beginning of the period | 1,026 | 926 | |
Effects of exchange rate changes and inflation effects on the balance sheet of cash held in foreign currencies | (13) | 44 | |
Cash and cash equivalents at the end of the period | 7,991 | 925 | |
Combined non-guarantor subsidiaries [member] | |||
Cash flows from operating activities: | |||
Income before income taxes from continuing operations | 10,122 | 10,422 | |
Non-cash items | 8,986 | 10,780 | |
Changes in working capital | (1,559) | 4,286 | |
Net cash flows (used in)/from operating activities | 17,549 | ||
Net cash flows generated from operating activities continuing operations | 25,488 | ||
Income before taxes for discontinued operations | 1,042 | ||
Operationactivities for discontinued operations | (112) | ||
Investing activities: | |||
Acquisition and mergers, net of cash acquired | (5,692) | ||
Interest received | 4,151 | 3,552 | |
Acquisition of long-lived assets, net | (3,946) | (3,565) | |
Acquisition of intangible assets and other investing activities | 3,892 | (6,704) | |
Investments in shares | 3,815 | (4,260) | |
Dividends received | 1 | ||
Net cash flows used in investing activities | 7,913 | ||
Net cash flows (used in) investing activities from continuing operations | (16,669) | ||
Net cash flows (used in)/from investing activities for discontinued operations | (397) | ||
Financing activities: | |||
Proceeds from borrowings | 1,471 | 2,766 | |
Repayment of borrowings | (1,605) | (4,257) | |
Interest paid | (7,735) | (7,113) | |
Dividends paid | (3,663) | (894) | |
Other financing activities | (8,642) | 4,636 | |
Net cash flows (used in) generated by financing activities for continuing operations | (20,174) | (4,862) | |
Net cash flows used from financing activities from discontinuing operations | (138) | ||
Net increase (decrease) in cash and cash equivalents | 5,288 | 3,957 | |
Net (decrease) increase in cash and cash equivalents for discontinued operations | 395 | ||
Cash and cash equivalents at the beginning of the period | 6,172 | 10,824 | |
Effects of exchange rate changes and inflation effects on the balance sheet of cash held in foreign currencies | (279) | (1,617) | |
Cash and cash equivalents at the end of the period discontinued operations | (5,917) | ||
Cash and cash equivalents at the end of the period | 11,181 | 7,642 | |
Eliminations [member] | |||
Cash flows from operating activities: | |||
Income before income taxes from continuing operations | (23,052) | (18,045) | |
Non-cash items | 23,052 | 18,045 | |
Changes in working capital | (132) | ||
Net cash flows (used in)/from operating activities | (132) | ||
Investing activities: | |||
Interest received | (7,280) | (6,600) | |
Investments in shares | (3,861) | 15,363 | |
Dividends received | (12,810) | (5,327) | |
Net cash flows used in investing activities | (23,951) | ||
Net cash flows (used in) investing activities from continuing operations | 3,436 | ||
Financing activities: | |||
Interest paid | 7,280 | 6,599 | |
Payments of leases | (132) | ||
Dividends paid | 12,810 | 5,328 | |
Increase in capital stock | (1,830) | ||
Other financing activities | 4,125 | (15,362) | |
Net cash flows (used in) generated by financing activities for continuing operations | $ 24,083 | (5,265) | |
Net increase (decrease) in cash and cash equivalents | (1,829) | ||
Cash and cash equivalents at the end of the period | $ (1,829) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - MXN ($) | Nov. 01, 2019 | Oct. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Disclosure of Taxable Income [line items] | ||||
Cash dividend | $ 7,437,000,000 | $ 7,038,000,000 | ||
Events after reporting [member] | ||||
Disclosure of Taxable Income [line items] | ||||
Percent of net interest deduction on adjusted taxable income | 30.00% | |||
Amount of net interest deduction on adjusted taxable income | $ 20,000,000 | |||
Non deductible interests that exceed the limitation carried forward period | 10 years | |||
Excise tax per liter | 1.17 | |||
Excise tax rate | 25.00% | |||
Cash dividend | $ 3,722,000,000 |